We saw some gyrations in major forex rates during the session here, confined to fairly minor ranges though. Net change on the day is small only. The US timezone saw big swings in response to the release of CPI data but those swings were not carried on here.

On the news front there was little of impact. We had late US afternoon remarks from the Fed’s Bullard, he said 50bp hikes at the meeting ahead are a good benchmark at present.

China’s central bank, the People’s Bank of China, set the reference rate at its weakest (for the onshore yuan) since October 16 2020. During the session the offshore yuan, CNH, fell to its lowest since October 2020. In other central bank news the Hong Kong Monetary Authority intervened to support the HK dollar.

Offshore yuan fell further:

usdcnh 12 May 2022 wrap