As oil prices fell further, oil currencies have underperformed. USDCAD rose to 1.155, USDNOK hit a high of 7.34, while MYR also depreciated, albeit more modestly to 3.495. In G10, the EUR is unchanged at 1.239, AUD is sideways around 0.825 after the overnight drop on RBA Stevens’ comments. AUDNZD bounced off its low of 1.057 as NZD was also dragged lower today. In EM Asia FX, USDIDR gapped sharply higher to 12441 on the open. PHP also fell 0.3%, reversing yesterday’s gain post the Moody’s upgrade. The PBoC raised USDCNYfixing for the first time this week, by 31pips to 6.1184, but CNY spot and CNH were largely unchanged.
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