The USD has rebounded somewhat after the sharp sell-off overnight. NZD was the main contributor, down 0.8% to 0.869 following the RBNZ jawboning effort. AUDNZD has rebounded to a week high of 1.075 as a result, although AUD also edged marginally lower to 0.9342. The EUR was steady at 1.393, holding onto its gains yesterday. The BoJ minutes failed to deliver anything new and USDJPY stayed unchanged at 101.61.The Asian EM FX complex was mixed. USDIDR rose 0.4% to 11561 on the open, and USDKRW also edged higher to 1026. USDMYR on the other hand managed a small 0.1% fall to 3.249, and USDINR was unchanged at 60.09. The PBoC fixed USDCNY 23pips lower to 6.1542 following the DXY move overnight but still higher than our model prediction. USDCNY onshore spot is largely unchanged at 6.2238 or 1.1% above the fix, but USDCNH has started to climb to 6.2277.
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