The USD strengthened modestly with EURUSD edging lower to 1.392 and USDJPY rebounding to 101.55. AUD has eased slightly to 0.912. Most Asian EM currencies fell, led by a 0.4% decline in PHP to 44.88. The KRW and MYR have both weakened by 0.25% to 1071.7 and 3.281 respectively. Amongst the high yielders, USDIDR has crept higher to 11341 while INR was relatively stable at 61.15.CNY remained the focus in the market. The PBoC fixed USDCNY higher, albeit only by 10pips to 6.1351. USDCNY spot traded the 6.20 threshold for the first time since April last year and is now a touch above 1% of the fix. USDCNH has also risen to 6.1940.
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Credit Suisse