The USD has traded weaker across the board in Asia. EURUSD has opened up slightly, testing its Friday high of 1.3685, USDJPY has dropped to 103.41 and AUDUSD has rallied to 0.9035 as the market hunts positions. The IDR has outperformed among EM Asia currencies, appreciating 1% vs. the USD to 12043, followed by 0.5% gains in the INR and KRW to 61.615 and 1056.07, respectively. We believe the Bank of Korea has been intervening just above 1056. USDCNY fixed 58pips lower to 6.0950, a new record low fix. Only the THB is very slightly weaker today.
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Credit Suisse