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AUD Firms After PBOC Fixing Stronger Than Expected

FOREX

The AUD is the strongest performer in the G-10 space at the margins firming after the PBOC fixed the Yuan 100 pips stronger than forecast which supported risk appetite and weighed on the USD.

  • AUD/USD prints at $0.6710/15 and is up ~0.6%, after firming above the $0.67 handle resistance comes in at $0.6731 the 20-Day EMA. AUD/NZD is up ~0.4% and sits above the 200-Day EMA.
  • Kiwi is ~0.2% firmer, NZD/USD prints at $0.6175/80. The Westpac Q2 Employment Confidence Index was on the wires this morning falling 3.9%.
  • Yen is little changed, USD/JPY has observed a narrow range with little follow through on moves.
  • Elsewhere in G-10, NOK and SEK are both ~0.4% firmer, however liquidity is generally poor in Asia.
  • Cross asset wise; BBDXY is down ~0.2% and US Tsy Yields are little changed across the curve. WTI futures are ~0.5% higher.
  • May CPI data from Canada headlines today's docket.
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