The USD has softened. EURUSD has risen to 1.2706 following the announcement of the ECB’s bank stress tests yesterday. AUDUSD has nudged higher to 0.8813 while USDJPY is very slightly lower at 108.01. In EM Asia, USDKRW has dropped to 1052.90 USDMYR has dipped to 3.2723, while the PHP and TWD are slightly stronger. USDIDR fell to a low of 12,033, but has recovered slightly to 12,055 while USDINR is little changed at 61.235. USDCNY fell 21pips to 6.1446.
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