Asian equity markets are mixed, with the Nikkei down 0.5%, S&P futures down 0.3%, but Shanghai and the Kospi essentially flat. The dollar weakened in Asian trading. EURUSD has risen to 1.3032 and AUDUSD has rallied to 0.9170. In emerging Asia, the current account currencies have outperformed. USDKRW has dropped to 1137.05, USDSGD has fallen to 1.2672 despite a slightly lower nominal effective exchange rate and and USDPHP has edged lower to 43.08. USDCNY fxied 18pips higher to 6.1805.
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Credit Suisse