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USD Nudges Lower In Asia


The USD struggled in Asia, with Chinese equities firming on the back of the latest supportive policy measures targeting the space.

  • A light bid in Tsys also helped apply some weight to the USD from a yield-differential perspective.
  • That left the USD at the foot of the G10 FX table, with the BBDXY a touch lower on the day.
  • Chinese equity benchmarks now sit comfortably off best levels, albeit still higher on the day (CSI 300 +1.0% into the close).
  • The pullback from best levels in Chinese equities hasn’t done much for the USD.
  • AUD benefitted from the bid in Chinese equities, before the move away from best levels in the latter and a downtick in iron ore futures limited gains for the Aussie. It still sits atop the G10 FX table.
  • The previously flagged UK public holiday will hamper liquidity today.
  • Eurozone money supply data and the latest Dallas Fed m’fing activity index provide the highlights of a limited G10 data docket.
  • Central bank speak from Fed’s Barr, ECB’s Nagel & Holzmann, as well as Riksbank’s Floden, will likely present more interest than the data.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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