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Asian FX Rallies On Better Global Outlook As USD Softens On Rate Cut Hopes

FOREX

The US dollar has trended lower throughout today with the BBDXY index down 0.3% to 1234.28, its lowest since mid-March as US yields move lower ahead of the Fed’s Jackson Hole symposium on Thursday and Friday. Chair Powell speaks on Friday and is anticipated to signal a September rate cut. As a result, there has been a rally in Asian currencies with USDJPY down 1.0% to 146.13, close to the intraday low of 145.87, which has also been supported by BoJ governor Ueda’s appearance on Friday.

  • The stronger yuan has also buoyed regional FX. The yuan fixing was lower today at 7.1415 and so USDCNH is down 0.3% to 7.1414, close to the low of 7.1399.
  • USDKRW is down 1.4% to 1332.85 as expected Fed rate cuts support a solid global growth outlook, which should support Korean exports. These expectations are also driving USDTHB -1.7% to 34.44, USDMYR -1.3% 4.375, USDPHP -1.0% to 56.69 and USDIDR -0.8% to 15572. BI and BoT decisions are on Wednesday.
  • Excluding the yen, risk-sensitive kiwi and aussie are outperforming the G10 with NZDUSD up 0.4% to 0.6081 and AUDUSD +0.3% to 0.6687 and the AUDNZD cross down 0.2% to 1.0996 while AUDJPY down 0.7% to 97.76.
  • European currencies are yet to move sharply with EURUSD up 0.1% to 1.1040 and GBPUSD +0.1% to 1.2954.
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