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Pressure On USD Marginally Extends After PBOC Fix

FOREX

Another stronger than forecast fix by the PBOC has seen USD/CNH fall ~0.2% which has spilled over into a marginal extension of earlier pressure on the USD.

  • The PBOC fixed the Yuan at 7.2046 vs an estimate of 7.2361. USD/CNH printed a low of 7.2378 before marginally paring losses.
  • Kiwi is up ~0.2%, last printing at $0.6160/65, and Yen is also ~0.2% firmer.
  • Cross asset wise; US Tsy futures are higher and BBDXY is down ~0.1%. US Equity Futures are lower thus far in Asia.

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