In FX, flows into safe haven drove USDJPY to a low of 101.60 before rebounding 101.80. CHF strengthened by 0.1% while NZD and AUD fell 0.5% and 0.3% to 0.925 and 0.844 respectively. On the other hand, EUR was largely unchanged to NY close around 1.335.In Asia EM FX, INR took the biggest hit as USDINR gapped 0.7% higher on the open to 61.7, a five month high. PHP and MYR also weakened, albeit only modestly by 0.4% and 0.2% respectively. The yuan continued to be the bright spot, strengthening further today, thanks to a sharply lower fix by the PBoC (108pips lower to 6.1562) and better China’s trade surplus.
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