EURUSD rallied further in Asia to 1.3756 while AUDUSD and USDJPY were flat at 0.9105 and 103.28, respectively. In EM Asia FX, the MYR has outperformed, appreciating to 3.2005 to the dollar while USDPHP rose to 44.280, its highest level since early September. USDKRW dropped to a low of 1051.11 at the open where we believe official intervention pushed it back up to 1052.59. The USDCNY fix fell 16pips to a new low of 6.1114.
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Credit Suisse