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PBoC Fix Bolsters Yuan, FOMC Decision Eyed

FOREX

Despite an initial spillover of a slightly defensive feel seen at U.S. equity markets amid news re: fresh legal headwinds for Facebook, early risk-off moves were unwound as e-minis turned green. The Antipodeans moved to the top of the G10 scoreboard, while USD and CHF faltered, although JPY remained resilient. EUR/JPY staged a foray below its 50-DMA for the first time since May, while USD/JPY showed at its worst levels in almost three weeks.

  • The daily PBoC fix poured helped fuel recovery in broader sentiment as China's central bank lowered the fixing rate by the most in five months, setting the USD/CNY mid-point at CNY6.7825. The fixing was stronger than the BBG estimate (CNY6.7850) and the first one below CNY6.8000 since May.
  • Spot USD/CNH was knocked on its head as the PBoC seemed happy to promote yuan appreciation, even in the wake of the redback's sharp gains. The pair erased its early modest gains and sank into negative territory, briefly trading through yesterday's lows.
  • FOMC monetary policy decision headlines today's docket, with comments from ECB's Lane, de Cos, Holzmann and Visco also due. Main data releases include UK and Canadian inflation data, U.S. retail sales and EZ trade balance.
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