The Japanese yen fell back at the start trading on Monday having risen sharply late on Friday after an attempted coup in Turkey drove demand towards safe havens.

The news that a group within Turkey’s military had taken over the country sent the Turkish lira tumbling by over 5% against the dollar on Friday to a six-month low of 3.0476 per dollar. However, the lira rebounded sharply on Monday after it emerged that the coup had failed and President Erdogan was back in the country. The lira strengthened to around 2.93 per dollar in late Asian trading today.

The dollar fell to as low as 104.63 yen as the events in Turkey unfolded but it has recovered to around 105.75 yen in today’s Asian session. Strong US retail sales and industrial production data had boosted the greenback on Friday. Meanwhile, the yen was back under pressure today on ongoing speculation that the Bank of Japan will ease monetary policy at its meeting next week, although volumes were light due to a Japanese national holiday.

Also coming under pressure was the New Zealand dollar which slid sharply after weaker-than-expected CPI figures. Annual inflation in New Zealand came in below expectations at 0.4% in the second quarter, missing estimates of 0.5%. This was unchanged from the first quarter and increases expectations that the Reserve Bank of New Zealand may cut interest rates again at its August meeting. The kiwi dropped to 0.7067 against the US dollar after the data but managed to rebound to 0.7112 in late session.

The Chinese yuan touched a fresh 5½-year low of 6.6993 per dollar today after the People’s Bank of China set a weaker midpoint. A stronger dollar as well as signs of slowing Chinese house prices according to data out today weighed on the yuan.

In European currencies, the pound was steady around 1.3235 dollars but this was down from Friday’s peak above 1.34 dollars and after the Bank of England’s Chief Economist Andy Haldane said the UK economy needed a “sledgehammer” response following the Brexit shock.

The euro was also steady ahead of the ECB’s policy meeting later this week and was last trading at 1.1058 dollars.

Crude oil prices brushed off last week’s events in France and Turkey to open higher today but were struggling to hold on to their gains in late Asian session. WTI oil futures were last trading at $45.56 a barrel.

The rest of the day is looking extremely light with no major data on the calendar with traders likely to focus on tomorrow’s UK inflation and German ZEW survey figures.

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