AUD and NZD rose strongly on the open, the former hit a high of 0.929 and the later surged to 0.869. Both have since retraced to 0.926 and 0.867 respectively. CAD on the other hand continued to strengthen, with USDCAD near a three-week low of 1.101. Elsewhere, the EUR has inched higher to 1.375 and USDJPY is steady at 102.16. In EM FX, MYR led rallies, up 0.5% to 3.275, unaffected by another higher USDCNY fix. USDINR gapped lower to 60.05 on the open, and USDIDR also fell 0.3% to 11410. USDSGD broke through the 200-day moving average at 1.262 and the SGDNEER rebounded to trade 0.4% above the midpoint of its policy band in our model setting.The PBoC raised the fix for the third consecutive session to 6.1490, but USDCNY was steady around 6.2143 (1.1% above the fix). Similarly USDCNH was largely unchanged at 6.2069.
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