The USD recovered slightly in Asia. The EURUSD edged down to 1.2633, USDJPY is up slightly to 108.41 from its early low of 107.75 and AUDUSD has weakened to 0.8769, in response revised July and August employment data and weak China PMI. Most EM Asia currencies weakened against the USD, driven by the equity market sell-off. USDKRW rose to 1073.85, USDMYR climbed to 3.2768, and USDIDR is up to 12,261. The INR is outperforming so far, strengthening slightly on the open to 61.4313 vs. the USD. USDCNY fixed 32pips lower to 6.1493, stronger than our DXY-based model suggested.
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