Oil Prices Set for Steep Weekly Losses as Hormuz Deal Stalls 
US Job Growth Seen Picking Up in July 
BOJ Rate Hike Expectations Rise Ahead of September Meeting 
Gold Prices Steady as Hormuz Tensions Fuel Fed Rate Concerns 
US Dollar Falls as Weak July Jobs Report Dents Fed Rate Hike Bets 
Brazil Cuts Selic Rate to 14% as Inflation Eases but Risks Persist 
Asian Currencies Hold Steady as US Dollar Nears Seven-Week Low Ahead of Key Jobs Data 
Asian Stocks Cautious Ahead of US Jobs Data as Oil Rises 
The USD/CNY and USD/CNH currency pairs have become quite volatile and the 7.00 mark remains a critical level for now. However, trade headlines is still the key catalyst, according to the latest research report from Commerzbank.
Eventually, China seems to have set its price for the trade deal on the deal, which according to the state media is "to remove tariffs proportionally and simultaneously". China said whether the deal is complete or not depends on progress of tariff removal.
International media also reported that China demands the US to remove tariffs on some USD110bn worth of goods (began September 1, 2019) and lower the tariff rates (at 25 percent currently) for USD250 billion worth of goods (began in 2018), as a condition for the "Phase One" deal, the report added.
China's target is seemingly to eliminate 60 percent of the currently imposed tariffs (certainly, the scheduled December 15 tariff should be called off). Question mark remains as Trump keeps unusually quiet on this topic.
