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Aussie Takes Lead, Yen Goes Offered

FOREX

The BBDXY index made a round trip from is session high of 1,289 and had a look above last Friday's high in the process. E-mini futures operated in the red but are off earlier lows, while U.S. Tsy yield curve bear flattened a tad.

  • Cuts to the PBOC's Loan Prime Rates sent spot USD/CNH to a new cyclical peak (CNH6.8517) before the pair trimmed gains to last trade ~50 pips better off. The People's Bank cut the 5-Year LPR by a larger-than-expected 15bp, which was coupled with a smaller-than-expected 5bp decline in the 1-Year LPR.
  • The yen was the worst G10 performer, with USD/JPY adding ~30 pips after completing a short-term double bottom pattern last week. Across the curve, risk reversals consolidated above par, suggesting options traders were more bearish on the yen.
  • The Aussie dollar turned bid, which put it on track to snap a five-day losing streak. The kiwi gradually caught up with its Antipodean cousin despite underperforming in early trade. AUD/NZD lurked above last Friday's high before paring gains, with Australia/NZ 2-year swap spread moving away from highs.
  • The global economic docket is light today as participants await this week's Jackson Hole symposium
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