FX Update: The dollar has been trading with a softening bias.
FX Update: The dollar has been trading with a softening bias, pushing EUR-USD to a four-session high of 1.2414, Cable to a two-week high of 1.3995 and the narrow USD trade-weighted index to a four-session low. The greenback has also seen fresh lows versus the various Asian currencies, and the South African rand. USD-JPY has remain heavy, settling around 106.50 after a short-lived lift to an intraday high at 106.74 ahead of the Tokyo fixing earlier. Trump's dual sackings of his foreign secretary, Tillerson, and an aide, John McEntee -- the latter over alleged "serious financial crimes" -- has been weighing on the greenback. Reuters also have also reported that the Trump administration is set to slap tariffs targeting $60 B worth of Chinese imports of tech and telecom goods, which has generated a risk-off theme in stock markets in Asia. This offset stronger than expected industrial production data out of China today. Over in Japan, BoJ Governor Kuroda maintained a dovish script, that a withdrawal from stimulus is not being considered as the 2% inflation target remains far from being achieved. In data, Japan's core machinery orders rebound by 8.2% m/m in January after a 9.3% contraction in the month prior. The data is volatile month-to-month and tends not to carry much market-impacting potential, as proved the case today.