USD/Asia moving higher after Yuan fixed lower

Author: Sean Lee | Category: News

The PBOC set the USD/CNY mid-point at 6.3282, sharply higher than Fridays fix at 6.3073, in what seems to be a strong indication that the trading band will be widened from its current 1%. This has impacted on currencies such as the SGD, with USD/SGD up 60 pips in early Asian trade. This of course is also then having a feed-off effect with the USD stronger against the majors as well.

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