With Japan closed today, trading in FX markets was thin. EURUSD crept slightly higher to 1.3533, USDJPY is marginally lower at 101.26, and AUDUSD is flat at 0.9393. This relative calm allowed most EM Asia currencies to strengthen slightly against the USD. USDKRW dipped to 1027.35 where it seems to be supported, USDMYR edged lower to 3.1768, USDIDR ignored continuing uncertainty about the presidential election outcome to fall to 11,572, and USDINR retraced lower to 60.2050. The USDCNY fix came in 21pips lower to 6.1547 in what now looks to us like the beginning of a trend lower.
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