Asia Summary and Highlights 11 June

Asia Session

After the PBoC fixed yuan at the weakest since January, USD/CNY has weakened to level last seen in November 2023 and the "National Team" stepped in to sell USD to buy Yuan. Chinese Builder Dexin Receives Liquidation Order From Hong Kong Court. Chinese equity sentiment seems to be affected and is down by more than a percent, so as HK equities.  With major sentiment soft, AUD/USD is trading 0.23% at 0.6595, NZD/USD also 0.15% lower at 0.6119 while USD/CAD rose 0.06% on weaker oil.

USD/JPY is slowly grinder higher for the week. We are quickly approaching the late May high at 157.71, currently trading at 157.24, up 0.14% for the session. Both the U.S. Treasury and JGB Yields are lower across the curve. Suzuki did cross the wire yet it is not regarding FX moves and seems to let USD took the wheels for the pair. Else, EUR/USD is up 0.03% and GBP/USD up 0.04%.

North American session

In a quiet North American session USD/JPY moved back above 157 but the USD made marginal losses elsewhere. AUD/USD moved above .66 while GBP/USD recovered from a dip below 1.27 to 1.2735. EUR/USD advanced from 1.2735 to 1.2765. 

There was little news. The New York Fed’s survey of inflation expectations was mixed, with the 1-year view down to 3.17% from 3.26%, the 3-year view unchanged at 2.76% but the 5-year view firmer at 3.00% from 2.82%.