The Asian session started off with mild soft USD tone, USDJPY traded below NY low 81.15 and some stops taken out followed the better than expected release of Japan Apr CPI (positive number for first time in 2 years) and retail sales.
Strong UK consumer confidence figures, a record low USDCNY fix, an FT article that EU banks could evade tighter Basel 3 capital requirements saw a risk on move overnight
We saw good buyers of EURUSD and AUDUSD while macro names have also bought GBP. We saw good sellers of USD/KRW (although we suspect the BOK are in on the London open around 1081) and also Macro sellers of USDMYR Usdchf and Eurchf ARE also through the floor on relentless supply of USD and the stops hunting in market.
The London open has seen System and Macro names continue this theme,
USD/Asia run
USDKRW 1082 (Thursday London open 1091)
USDTWD 28.77 (28.86)
USDCNY 1yr 6.3700 (6.3875)
USDPHP 43.36 (43.51)
USDIDR 8600 (8615)
USDINR 45.42 (45.50)
USDMYR 3.0295 (3.0450)
USDSGD 1.2377 (1.2427)