The USD has been essentially directionless. Although AUDUSD is down slightly to 0.8942, EURUSD and USDJPY are roughly unchanged at 1.3626 and 102.38. The INR and KRW have been the main EM Asia FX movers, rising 0.3% against the USD to 62.145 and 1071.7 respectively. Characterizing the day’s price action nicely, USDCNY fixed a whopping 6pips lower to 6.1083. Yields are lower in all major Asian markets except for China. China’s 7-day repo rate fixed 5bps higher to 5.30% and swaps rose 5 – 6bps.
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Credit Suisse