The USD weakened slightly against majors, with the exception of USDJPY, which rallied to 107.4. EURUSD was essentially sideways at 1.276, while AUD and NZD were both 0.3% higher. In EM Asian FX, IDR outperformed, up 0.8% to 12015. USDINR gapped 0.4% lower on the open to 61.24 on positive BJP regional election results and Modi’s fuel subsidy reforms. Elsewhere in Asia, USDKRW fell below 1060, and USDTHB drop to 32.35. The PBoC fixed USDCNY modestly higher to 6.1435, but CNH gained on the day, benefitting from PBoC’s announcement late on Friday that it will inject liquidity into smaller banks.
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