U.S. Treasury: despite a narrowing U.S.-Japan interest rate differential, yen weakness persists and excessive yen volatility is unwelcome.

July 24 — Chen Bangxun, director-general of the Development Planning Department at China's Ministry of Agriculture and Rural Affairs, said at a State Council briefing that since late June hog supply-demand has gradually improved and prices have rebounded, easing farm losses. He warned overall supply remains ample and the supply-strong, demand-weak pattern has not fundamentally changed. The ministry will continue comprehensive capacity regulation, issue multi-channel warnings and guide better supply-demand matching, and urged farms to closely monitor market shifts and adjust production to help stabilize the price recovery and avoid large fluctuations.

European Central Bank kept rates unchanged as expected; EUR/USD was little changed on the session, trading at 1.1390.