The dollar majors have been surprisingly subdued given the China PMI. AUDUSD is down only 0.4% from its Asia open to 0.9263 despite the China number and slightly softer than expected headline inflation in Australia. EURUSD is a touch softer at 1.3211 from its overnight highs while USDJPY has edged up to 99.67 from opening lows of 99.43. In EM Asia, the INR and KRW have outperformed, the former driven by further policy measures overnight to support the rupee. In contrast, USDIDR rose 0.5% to 10255 seemingly restrained only by smoothing intervention by Bank Indonesia.
Read the full report: Market Research
Credit Suisse