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The Chinese Yuan was the driving force........>

FOREX: The Chinese Yuan was the driving force overnight, as a softer PBOC fix
propelled both the USD/CNH & USD/CNY crosses above their respective Thursday
highs, with USD/CNY crossing above CNY 6.80 for the first time since July 2017.
The yuan crosses then witnessed sharp 200 pip pullbacks, with subsequent chatter
of the large Chinese state owned banks selling USD/CNY around CNY6.81.
- The JPY crosses sold off on the broader risk off flows surrounding the the
move in the yuan, but the JPY's upside was limited by some key support levels
across the USD/JPY, AUD/JPY & EUR/JPY crosses.
- The USD advanced against all but the JPY over amid the risk off flows, before
paring its gains as the yuan trimmed its losses, with the DXY trading a touch
softer last.
- AUD has been the marginal underperformer on the session.
- Focus on Friday falls on Canadian CPI & retail sales, as well as a speech from
Fed's Bullard.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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