AUDUSD rallied but rejected its overnight high of 0.9340 and is at 0.9320. EURUSD has crept up to 1.3030 while USDJPY traded sideways at 97.7795. USDCNY fixed 18pips higher to 6.17970, a move that nudged our CNY TWI back to its trend line. USDINR gapped lower to 60.3825 on intervention by India’s central bank and is trading at 60.345 at the time of writing, however this has so far appeared tentative. We have not seen intervention by other Asian central banks and notably not by Bank Indonesia. The USDIDR spot rate implied by NDFs dropped below 10,000 today for the first time in about two weeks.
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