AUD fell below 0.87 for the first time in three and a half years, pushing AUDNZD towards 1.054. The WSJ reported comments from RBA Ridout that the AUD needs to drop further and AUD near 80c would be a “fair deal for everybody”. EUR held gains at 1.368, while USDJPY found some supports around 103.2.In EM Asia FX, USDKRW rose another 0.5% to 1079, heading towards its worst month since June 2013, while USDINR also gapped 0.5% higher to 62.204. The PHP and MYR were stable on the day, seemingly thanks to central banks’ support. The PBoC lowered USDCNY fixing to 6.1035 today.
Read the full report: Market Research
Credit Suisse