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Dollar Index Falters On Yuan Rebound

FOREX

The BBDXY has been knocked lower post the stronger CNY fixing. The index is back to 1244.40, nearly 0.20% weaker versus opening levels.

  • The stronger CNY fixing result has clearly pushed back expectations that the authorities would let the yuan weaken significantly. Onshore USD/CNY has gapped back sub 7.2000 since the open, unwinding all of Friday's gains. USD/CNH is back to 7.2400 (earlier highs were at 7.2820).
  • AUD and NOK are the strongest performers in the G10 space. AUD/USD last near 0.6530/35, around 0.30% stronger. USD/NOK is around 10.72 but liquidity is obviously lighter for the pair in Asia Pac trade.
  • NZD/USD is up by almost the same amount as AUD and has recaptured the 0.6000 handle.
  • USD/JPY is back close to session lows, last in the 151.10/15 region.
  • Regional equity sentiment is mixed, while US equity futures aren't too far away from flat. US yields have recovered ground modestly but remain within recent ranges and this move is yet to benefit the USD.
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