Lets get EUR/USD out of the way, it was dead during Asia trade, barely moving.

USD/JPY found a few bids, taken as high as across 129 again to just over 129.25. Its since subsided back under the figure. We had comments from Japan’s finance minister today, wary of rapid yen weakness (he’s been saying this a lot, as the yen had slid and now is keeping the jawboning up despite USD/JPY tracking more or less sideways (albeit in a large range) the past few weeks). Bank of Japan Governor Kuroda made similar comments on yen weakness later (rapid moves undesirable etc. - familiar sort of comments).

CAD, AUD, NZD all traded a little stronger against the USD. GBP also. CAD was assisted by further gains for oil prices during the session.

O nshore yuan (CNY) weakened further on the day after the People’s Bank of China took the axe to it at the reference rate setting:

  • the Bank slashed 600+ points from the CNY against the USD (i.e. USD/CNY more than 600 points higher from yesterday’s mid-rate)
  • USD/CNY traded to its highest since September 2020 after the setting

Equities in China like the weaker yuan, trading higher. US equity index futures gained on the session also. They’d bounced well into closing trade during the US session on Thursday.

BTC/USD stabilised somewhat. Its back above US$30K as I update.

Onshore yuan above 6.8 at one stage ... USD/CNY 5 minute candles:

usdcny 13 May 2022