AUDUSD has bounced slightly from 0.8480 to 0.8520 following the RBA meeting. The RBA kept its statement largely unchanged, but elevated language about AUD overvaluation slightly. EURUSD and USDJPY have traded flat at 1.2468 and 118.39 respectively. EM Asia currencies have gained slightly against the dollar across the board. USDKRW dipped to 1106.08, USDTHB has fallen to 32.794 and USDPHP is down at 44.755. We believe Indonesia and Malaysia’s central banks were offering occasionally, but not challenged. USDMYR is down slightly from yesterday’s highs to 3.4228. USDCNY fixed 44 pips lower to 6.1325, helping USDCNH to drop to 6.1514.
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