QUIET DATA DAY, USD RECOVERS GROUND
• USDCNY fixed to a new post‐2005 revaluation low, leading to renminbi outperformance.
• Thailand’s Q1 growth miss raises risk for a rate cut from the Bank of Thailand next week.
• The Philippines refines regulation of its SDA to dis‐incentivize inflows.
• Fed speakers and Bernanke risk on the horizon, as the USD retains its policy‐driven bid.
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Scotiabank