USD/AXY updates

  • PBOC seen buying USD/CNY in recent trade (around $1 billion) pushing it up 60 pips off lows:
  • Other ACBs generally quiet only Taiwan seen buying USD on the close:

USD/AXY did not follow the sharp overnight lead higher from USD/ZAR and USD/MXN which suggests that the selling in USD/AXY is much more structural in nature whilst the positioning in ZAR, MXN etc is more speculative. (Could be yet another reason in favour of taking some AUD shorts off the table?).

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