The USD was broadly stable against major crosses. EUR was unchanged at 1.376 and AUD held in at 0.936. USDJPY rose slightly to 102.05 following a weaker-than-expected Japanese current account release but has since stabilized just below 102. Asian FX has weakened modestly, led by a 0.3% fall in the PHP and 0.2% drop in the MYR to 43.75 and 3.23, respectively. On the other hand, USDINR broke below 60 as India’s elections come to a close and exit polls expected to be released later. The PBoC raised the USDCNY fix by 44 pips to 6.1625, around 10 pips below our model projection.
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Credit Suisse