FX price action has diverged from equities. AUDUSD has rallied 1.5% from its Asia open in response to the shift by the RBA to neutral from a bias to ease. This pushed AUDNZD up to 1.0930. In contrast, EURUSD has drifted off of its overnight highs around 1.3534 to 1.3513 while USDJPY has risen slightly to 101.27 from its low of 100.81.Perhaps most surprising EM Asia FX has generally rallied against the USD after opening soft. The SGD has outperformed, rising 0.4% to 1.2766 followed by 0.2% gains by the THB, MYR, and IDR.
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Credit Suisse