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USD Firms on Spill Over From CNH Weakness

FOREX

A fresh wave of USD strength has emerged in the last part of trade for the majors. Spill over from higher USD/CNH levels (now above 7.2100 has been evident). The BBDXY is back to 1204.30/40, +0.12% firmer for the session. USD/JPY is through Tuesday session highs, last in the 139.20/25 region. We are still below Monday session highs around 139.40. AUD/USD is back sub 0.6800 (last 0.6790/95), while NZD/USD has given up all of its post CPI gains, back to 0.6275/80, although it is still outperforming on a cross basis.

  • In the cross asset space, moves are fairly muted. US equity futures a touch in the red, while regional equity sentiment is mixed. HK markets are down but gains are mostly evident elsewhere. US yields are mostly lower, led by the 2yr to back sub 4.75%.
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