The sour tones from China weighed on sentiment earlier but the bleeding has stopped as local markets are closed now
That is perhaps helping to see the pullback in risk trades abate slightly as the focus now turns towards European trading and attention turning back to the Fed tomorrow.

Holzmann says there is too much uncertainty now for policy decisions
A lot will depend on how economic releases play out in the weeks ahead but perhaps more importantly, how the virus trend in Europe is progressing amid the spread of the delta variant. If not September, the ECB will have to communicate something by December

Remarks by BOE policymaker, Gertjan Vlieghe
– Thinks it will remain appropriate to keep current stimulus in place for several quarters at least, and probably longer
This doesn’t exactly scream much of a hawkish tilt and this just means that we’ll likely get more of the same from the BOE going into the August meeting next week.

Remarks by BOE policymaker, Gertjan Vlieghe

Reuters reports, citing senior US administration officials on the matter
As mentioned earlier in the day, don’t expect much from the talks here in Tianjin. They are merely for the optics and won’t change how things are developing between the two countries given the fact that the officials in attendance aren’t the major „generals“.

GBP/USD sees upside move stall a little so far on the day
The pair has made some good progress as price continues its rebound close to the 4 February low @ 1.3566. The low last week touched 1.3572 and since then, cable has regained solid ground despite a nudge lower on Friday.

Forex news for North American trade on July 23, 2021:
Markets:
The FX market looked like it might tilt towards risk aversion early in New York trade as 10 year Treasury yields rejected 1.31% again and drifted back to 1.28% but relentless buying in equities steadied the market and left G10 FX largely unchanged on the day.

Big earnings week next week
Companies expecting to announce include:
Other highlights for today: 
For the week, month and year to date:

Dow is above its all-time high close but below its all time intraday high
The NASDAQ and S&P are on track for record closes today.  The Dow is also above its all time high close and also just above the 35000 level.  

Net dollar value is long for the first time since the pandemic began
The chart isn’t yet updated but the net dollar value of USD longs is now +$399.69m.  That’s the first net-long USD position on aggregate since the pandemic began.