The Global Macro Pulse

The overnight fall in the USD, seemingly in response to a Hilsenrath article in the WSJ arguing the Fed will be dovish in its coming FOMC meeting, has dominated Asian trading. The Nikkei is down 2.1% as USDJPY fell further in Asian trading to 98.85. AUDUSD and EURUSD have bounced to 0.9274 and 1.3287 respectively, both just below their overnight highs. EM Asia currencies are stronger almost across the board, led by a 0.5% rally in the KRW to 1110.8. USDCNY fixed 39pips lower to 6.172, less than our DXY-based model implied it should fall. The MYR and THB have been the outliers, weakening slightly versus the USD.

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