Chinese yuan devalued again

Posted On 12 Aug 2015

Tag: AUDJPY, AUDUSD, CNY, EUR/CHF, EURGBP, EURJPY, EURUSD, GBPJPY, NZDJPY, USDCHF, USDCNY, USDJPY

JPY
• JPY remains on back foot as CNY fixed lower again, ccy war talk, risk-off.
• USD/JPY up modestly, 124.04 to 125.24, offers trail up, 125.86 6/5 high.
• Large USD1.11 bln 124.50 option expirations today, tomorrow large 125.00s.
• EUR/JPY 138.04 to 138.52, techs good, GBP/JPY 194.49 to 193.95, 196 test.
• AUD/JPY short-covering to 91.674 then plunge to 90.36 post-CNY fix.
• NZD/JPY 82.02 to 80.95 alongside AUD/JPY.

EUR
• EUR/USD opens Asia at 1.1042, EUR outperformed overnight on cross flows.
• Asia range 1.1024-62, 1.1048 to low dip early, bounce to high later.
• Lower CNY fix, risk-off sees more EUR-funded carries being taken off.
• Asia bourses mostly in red, European stocks likely to sell off again too.
• EUR/USD and DAX inverse relationship back on again.

GBP
• Cable bid early in Asia to 1.5589, off post-CNY fix to 1.5535.
• Cable seen following dollar-bloc lower, AUD and NZD hit much harder.
• EUR/GBP renewed buys from support @0.7080, 0.7083 to 0.7110.
• Cross high overnight 0.7117, 0.7159 spike high July 27.

CHF
• USD/CHF makes small tracks away from 0.9903 high o/n, best since 3/20.
• Asia push down from 0.9887 to 0.9863.
• EUR/CHF 1.0908 to 1.0927 high, best since January 15 SNB surprise.

AUD
• AUD/USD opens Asia at 0.7301, up to 0.7325 then plunge to 0.7217.
• Westpac/MI confidence data helps AUD up early.
• CNY fixed lower again today, heavy AUD sales once again.
• AUD/USD down to fresh trend low, level not seen since April ’09.

NZD
• New York close 0.6538, mirrors AUD/USD moves, up early then plunge.
• High of 0.6558 to low of 0.6468, NZD remains on back foot, more CNY falls possible.
• Market also more risk-off on China concerns, regional stocks in red.
• Support eyed at 0.6400 – 0.6403 Fibo 61.8% retracement of 2009-11 rally.

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