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USD Pressured After PBOC Cuts FX Reserve Requirement

FOREX

The greenback has been pressured in recent dealing after the PBOC cut the forex reserve requirement ratio by 2ppts. This will take effect from September 15 and takes the ratio to 4% from the current 6%.

  • USD/CNH is down ~0.4% and is at its lowest level since 14 July. The pair has breached the 20-Day EMA this morning and sits a touch under the 7.25 handle.
  • The Antipodeans are leading the bid in the G-10 space, AUD/USD is up ~0.2% however the $0.65 handle remains intact for now. NZD/USD is up ~0.3% and sits marginally below the $0.60 handle.
  • Cross asset wise; US Tsys have firmed off session lows and Yields sit ~1bp lower across the curve. E-mini are ~0.1% higher. Hong Kong Exchange has cancelled morning trading after a Tyhpoon warning.
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