ForexLive Asia-Pacific FX news wrap: Chinese stocks fall further

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Major
forex rates traded in a subdued manner. The initial move was for a
weaker US dollar, just a few points, but its since reversed. Traders
are eyeing US
and Chinese inflation data later
this week.</p><p>USD/JPY
managed higher initially but has also since reversed. Traders are
awaiting Tokyo inflation data due Tuesday, Japan time. Japanese
markets were closed for a holiday today.
</p><p>Share
markets in China and Hong Kong fell further. Over the weekend we had
news of another giant property sector related firm going into
bankruptcy (Zhongzhi, see bullets above).</p><p>There
was news from
the US, where
in Washington DC US
congressional leaders agreed on a US$1.6
trillion spending deal. This
has the potential to avert the looming
partial government shutdown.</p><p>Oil
prices lost
ground. While the risk of supply disruptions due to terrorist attacks
on shipping in the Red Sea persist, for today these seemed to be
outweighed by the news from the weekend that Saudi Aramco had cut
crude prices to its customers globally.
</p><p>China stocks lower:</p>

This article was written by Eamonn Sheridan at www.forexlive.com.