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Reporting on key macro data at the time of release.
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Offshore yuan appreciated despite the largest miss in the PBOC's daily yuan fixing since mid-October, with central USD/CNY mid-point set 31 pips above sell-side estimate. The redback showed no immediate reaction to China's inflation data, which provided the main highlight of overnight economic calendar. CPI growth accelerated to +2.3% Y/Y, the fastest pace since Aug 2020, but missed median estimate of +2.5%. Factory-gate inflation slowed to +12.9% Y/Y, printing above consensus forecast of +12.1%.
- G10 FX crosses were marginally mixed, the space struggled for a clear uniform direction. Early trade saw the DXY extend its move away from yesterday's low, but the index lost steam and trimmed gains. CAD continued to trade on a softer footing in the wake of Wednesday's monetary policy announcement from the local central bank.
- The global economic docket for the remainder of Thursday is very thin, U.S. weekly jobless claims take focus from here.