US Market Open: JPY rallies to the detriment of USD and yields a touch softer across the board into Fed's Waller

• US President Trump said regarding Iran that the US is winning that one very big and controls the Hormuz Strait.
• Russian President Putin said that Russia and Ukraine should agree first and noted that there is an opportunity to reach a peace agreement.
• Global equities broadly firmer; Broadcom slips after Q4 revenue and margin outlooks missed estimates.
• DXY lower; JPY outperforms, CHF strengthens after hotter-than-expected inflation.
• Fixed income benchmarks steady; however, US 10yr holds above 4.75%.
• Energy benchmarks reverse earlier downside following constructive Putin comments.
• Looking ahead, highlights include US Trade Balance (Jul), Jobless Claims, S&P Services and Composite PMI Final (Aug), ISM Services PMI (Aug), Atlanta Fed GDP (Q3), Canadian Trade Balance (Jul). Speakers include Fed’s Waller, Hammack & Goolsbee.

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