ECB President Draghi’s statement at the IMF meeting on Saturday that EUR strength may require monetary policy easing pushed EURUSD down to a low of 1.3833 before it settled at about 1.385. However, AUDUSD and USDJPY are basically flat to Friday closes at 0.9393 and 101.56 respectively. Almost all EM Asia dollar pairs are slightly higher today. The MYR, IDR, and TWD have underperformed, falling 0.6% – 0.7% against the dollar. USDCNY fixed 36pips higher to 6.1531.
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Credit Suisse