AUDUSD fell from 0.9435 to 0.9379 following RBA Governor Stevens’ statement that the AUD is significantly overvalued. This pushed AUDNZD down to 1.0696. In contrast, EURUSD drifted at 1.3650 and USDJPY edged up to 101.84. The dollar is roughly flat against most EM Asia currencies, although the SGD weakened to 1.2484, mainly driven by USD movement overnight rather than a meaninful change in the SGD TWI. USDINR edged down to 59.5638 after breaking below 60 yesterday. The USDCNY fixed 32pips higher to 6.1581 in what could be government positioning of the pair ahead of next week’s Strategic Economic Dialogue with the US.
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