In FX, the USD retreated, led by a 0.8% rally in AUD following RBA’s decision to keep rates on hold. NZD also gained, albeit by only 0.4%. USDJPY has a relatively sharp reversal to 119.65 from a high of 120.27, while EUR ground higher to 1.1198. KRW and MYR appreciated by 0.2%-0.3% in EM FX, but INR, PHP and THB were flat. The PBoC continued to guide the fix higher to 6.1543, up 30pips. USDCNH traded briefly above 6.29 but has since retraced to 6.2838.
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