ASIA-PAC FX UPDATE: DXY remains sub 107 last week’s heavy selling, whilst Yuan outperforms

Analysis details (02:27)

In FX, DXY initially attempted to claw back some losses seen on Friday, in which the index tumbled from a high of 108.44 to 106.27 on Friday. G10 peers are overall flat against the Dollar but commodity-linked FX lead the gains as underlying commodities are bolstered by the softer USD alongside reports that China is to boost support for its property sector. The JPY meanwhile resides as one of the laggards, with BoJ Governor Kuroda reiterating the need to maintain monetary easing to support the economy. GBP and EUR fail to benefit from the Dollar’s losses with EUR/USD flat around above 1.0300 and GBP/USD on either side of 1.1800. In EM FX, the CNH saw relatively firmer gains than peers after the PBoC opted for a much firmer Yuan fix from Friday, with the PBoC move said to be the largest since FX reform in 2005, according to Reuters. 

14 Nov 2022 - 02:27- Fixed IncomeEconomic Commentary- Source: Newsquawk

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