The USD has weakened slightly. EURUSD has risen above 1.370 from a low of 1.369 earlier. USDJPY remained in a tight range and seemed firmly capped below 101.60. AUD was stable at 0.936 despite iron ore prices falling to a new year low. Most EM Asian FX have rallied today. IDR appreciated 0.5% to 11357 after PID-P Secretary General Tjahjo Kumolo told reporters that Joko will select former vice president Jusuf Kalla as his running mate for July elections. USDINR also gapped 0.5% lower on the open to 58.46 as the first round of profit-taking was largely completed on Friday. Elsewhere, MYR and PHP rallied to 3.217 and 43.62 respectively. The PBoC kept USDCNY fix largely unchanged at 6.1636.
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Credit Suisse