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Yen Underperforms In Early Trade


The yen has been on the back foot since Tokyo markets re-opened after a public holiday. Note that Monday was a Gotobi day, which might provide an incremental headwind for the yen. USD/JPY has unwound some of yesterday's losses, even as the Nikkei 225 has faltered.

  • Spot USD/CNH has slipped in tandem with a downtick in the DXY. The PBOC set their central yuan reference rate at CNY6.3684, 11 pips below sell-side estimate.
  • The global data docket is fairly light today, with comments coming up from Fed's Mester & George as well as ECB's Kazaks. Joachim Nagel will take over Bundesbank presidency from Jens Weidmann.

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