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Risk-Sensitive Currencies Struggling As Equities Sell Off

FOREX

The US dollar has been range trading with BBDXY at 1268.22. Kiwi is the larger mover in trading today so far with NZDUSD down 0.1% to 0.6111 after a low of 0.6105. China’s yuan fixing above 7.12 for the first time since November has weighed on risk-sensitive currencies.

  • The USDCNY fix printed at 7.1201 today after 7.1196 on Friday. This resulted in USDCNH jumping to 7.2946 briefly and currently it is around 7.2877.
  • USDJPY rose to 159.92 as FX chief Kanda spoke about being prepared to intervene if yen moves are “excessive”. It trended lower on the release of the BoJ summary of opinions, which included comments that more adjustment to the “degree of easing “ should be considered. USDJPY found a floor around 159.63 when finance minister Suzuki spoke on FX stability. The pair is currently at 159.69.
  • AUDUSD is being pressured by weaker risk sentiment and is down 0.1% to 0.6636 off the intraday low of 0.6626. AUDNZD has traded in a narrow range and is slightly higher at 1.0861.
  • EURUSD is little changed around 1.069 and GBPUSD is down 0.1% to 1.2635. NOK and SEK are 0.1% weaker against the dollar.
  • Equities are mixed with the ASX down 0.6% and Hang Seng -0.8% but Nikkei up 0.3%. The S&P e-mini is down 0.2%. Oil prices are softer with WTI down 0.3% to $80.46/bbl. Copper is down 0.7% and iron ore is lower at around $103/t.
  • Later the Fed’s Waller, Goolsbee and Daly appear as well as the ECB’s Buch, Schnabel and BoC’s Macklem. The Dallas Fed June index and German Ifo for June print.
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