In FX, AUD was the big mover in early trading, rallying 0.4% to 0.937 on the back of good employment data and stronger-than-expected China trade. EUR found support around 1.3906 and rebounded to 1.3917 ahead of the ECB. USDJPY fluctuated in a tight range of 101.80-101.90. The IDR and THB were underperformers in Asian FX, while INR and TWD made modest gains. USDINR opened 0.2% lower to 60.041, but USDIDR rose 0.4% to 11619 and USDTHB climbed 0.2% to 32.44. The PBoC fixed USDCNY 15pips higher to 6.1557 today, broadly in line with our model.
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Credit Suisse