USDRUB opened 2% higher to 36.57. FX price actions elsewhere have been relatively contained. EUR was broadly stable at 1.378 and the yen has found some support around 101.4, EURCHF fell to 1.212 on the open and AUD declined to a low of 0.889 but later recovered to 0.891. USDAsia gapped higher initially but has since retraced. The KRW pared its loss to 1070 from 1075 earlier, and MYR is now only 0.1% lower at 3.281. The IDR continued to outperform, strengthening 0.3% on the day to 11575 as inflation eased. The PBoC allowed the USDCNY fix to move lower for the second consecutive session to 6.1190. USDCNY spot has been steadily edging higher but remained manageable at around 0.5% above the fix. Similarly, USDCNH inched higher to 6.1263 and the CNYCNH spread was roughly stable at 0.995.
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Credit Suisse