EURUSD rose slightly to 1.2825, and USDJPY and AUDUSD are steady at 106.09 and 0.8793 respectively following their overnight gains. EM Asian FX is mixed. USDKRW fell to 1059.75 and USDTWD is down at 30.359. USDCNY fixed 60pips lower to 6.1395 following perhaps less aggressive language about the CNY from the US Treasury’s Semi-annual Report on Foreign Exchange. This is its lowest level since March 19th, but it is still less than the 6.1328 that our DXY-based model for daily changes in the fix implied. In contrast, USDMYR and USDIDR recovered early losses to trade almost flat to their opens at 12,219 and 1.2758 respectively. USDINR rose to 61.5475.
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