The yen outperformed following the latest China stock dive, which saw the Shanghai Composite close 6.12% for the worse. This rattled broader financial markets while prompting a safe-haven flight to the yen. USD-JPY fell to a low at 124.18 while EUR-JPY logged a one-week low at 137.51. EUR-USD, meanwhile, ebbed to a six-day low of 1.1051, finding a footing into 1.1043-50, which encompasses the 100-day moving average. Sterling rallied following an unexpected rise in UK July CPI to 0.1% y/y and a jump in the core reading to 1.2% from 0.8%.
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