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Caution Prevails, Commodity FX Falter

FOREX

A mild sense of caution prevailed in Asia, applying pressure to high-beta FX. Headline flow was relatively light, but a decline in BBG Commodity Index dragged the Antipodeans as well as CAD & NOK lower. Regional liquidity was limited by market holidays in Hong Kong & South Korea.

  • The PBOC set the central USD/CNY mid-point at CNY6.4255, just 4 pips above sell-side estimate. USD/CNH crept higher amid simmering Sino-U.S. tensions.
  • EUR topped G10 pile but the DXY managed to add a handful of pips nonetheless. The greenback remained resilient ahead of today's publication of minutes from the FOMC's latest MonPol meeting.
  • Other than that, focus turns to inflation data from the EZ, UK & Canada as well as comments from Fed's Quarles, Bullard & Bostic and ECB's Lane, de Cos, Panetta & Rehn.
Energy BulletsCommodities
Energy BulletsCommodities

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