The antipodeans have dominated G10 FX price action. NZDUSD rallied to 0.8520 following the RBNZ’s rate hike and hawkish statement only to get a further leg up to 0.8562 from the AUDUSD. The Aussie jumped to 0.9065 in response to better-than-expected February employment but gapped lower to 0.9046 following weaker China data. In contrast, USDJPY traded sideways at 102.74. Most EM Asia currencies are stronger against the dollar, led by 0.5% rallies in the INR and IDR and 0.3% gains in the KRW, PHP, and MYR. USDCNY fixed 23pips lower to 6.132, but Chinese corporates seemed to remain buyers of USDCNY, closing shorts.
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Credit Suisse