The fall in US yields following the release of the FOMC minutes has weakened the dollar against the G10 currencies, but EM Asia is mixed. EURUSD and AUDUSD have rallied to 1.3850 and 0.9409 respectively, the latter supported by stronger than expected employment data. USDJPY has edged lower to 101.82. Almost all EM Asia currencies rallied on the open and the PHP and KRW have outperformed rising 0.8% and 0.5% vs. the dollar to 44.52 and 1036.4 respectively. However, early rallies by the MYR and THB have faded, the IDR has fallen 0.6% to 11,353 in response to weaker election results than expected, and USDINR has risen slightly. USDCNY fixed 20pips higher to 6.151.
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Credit Suisse