The USD lost ground against risk currencies ahead of the FOMC. AUD edged higher to 0.8805, NZD to 0.8277, leaving AUDNZD essentially unchanged at 1.0639 before the RBNZ meeting tonight. EUR traded in a tight range of 1.365 to 1.367, while USDJPY stabilized around 103.25. The KRW was the big mover in EM Asia FX. The won rose 1.1% to 1069, making a nice recovery back to last Thursday’s level. USDINR also fell 0.6% to 62.18, and USDMYR dropped 0.4% to 3.322. The PBoC fixed USDCNY 20pips higher to 6.1073.
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Credit Suisse