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Untitled-1 []€¦ · Title: Untitled-1 Created Date: 20140217113650Z
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Ranges (Up till 11.50am HKT) Currency Currenc y EURUSD 1.1024-62 EURJPY 138.04-52 USDJPY 125.04-245 EURGBP 0.7083- 0.71105 GBPUSD 1.5535-89 USDSGD 1.4010- 1.4150 USDCHF 0.9865-87 USDTHB 35.345-57 AUDUSD 0.7217- 0.7325 USDKRW 1179.3- 1192.8 NZDUSD 0.6468- 0.6550 USDTWD 31.97-32.262 USDCAD 1.3084- 1.3158 USDCNH 6.3850- 6.5700 AUDNZD 1.1134-80 XAU 1101.9- 1113.3 Key Headlines ◊ Market kept close watch on USDCNY fix and true to their words, PBOC is putting the central parity rate closer to yesterday’s close. Fixed today at 6.3306 versus onshore close of 6.3250. ◊ Looking forward, I believe market participants will next focus on the onshore USDCNY close. ◊ Asia got hurt yesterday selling Euro on the China fix and were cautious about it this morning – sold it to 1.1024 and returned to 1.1055. FX Flows Market kept close watch on USDCNY fix and true to their words, PBOC is putting the central parity rate closer to yesterday’s close. With fixing at 6.3306 against yesterday’s onshore spot close of 6.3250, USDCNH blown to 6.5700 from 6.4100. Onshore spot opened at 6.4300 and slowly backed off to 6.4000. USDCNH eased as well towards 6.4900. Like yesterday, market bought Usd across the board following the CNY fix. UsdJpy encountered thick offers located above 125.25 stalled the rally. EurUsd did fall but seemed that market isn’t too keen to short Euro amid this Greece third bailout agreement. By end of morning we were back to where we got started 1.1058. Appears that the weak CNY had bigger impact on AudUsd and NzdUsd. Aussie fell from 0.7320 to 0.7217; Kiwi went from 0.6550 to 0.6468. No real bounce. Some traders suspect that the UsdJpy offers from 125.25 to 125.50 come from quasi-government name. Another reason for UsdJpy resistance is the Nikkei 225 Index, which is down more than 1% in the morning. Some buy orders are reported at 125.00 while better ones seen below 124.85. Bloomberg ran a report that Masahiro Kawai, advisor to BOJ, said in an interview that the central bank’s next move is more likely easing rather than tapering. Profit taking in the early part had the UsdCad down to 1.3084. On China fix, the pair rallied to 1.3158 where profit taking resurfaced. Asians Watching China to trade Usd/Asia. At the fix, spreads for USDCNH widened. Platforms were trading in big figures – reminded me of the Italian Lira. Those exposed to CNH structures were seen cutting short Usd positions. Market printed 6.5700 once and reversed back. We heard rumour of agent banks offering in the onshore USDCNY – capping market below 6.4300. Mainland Chinese banks were good sellers of CNH 1-year points post fixing. The 1- year, which was dealing above 1800 fell to 1525. These information have been obtained or derived from sources believed to be reliable, but I make no representation or warranty as to their accuracy or completeness. Copyright © 2013 The Poon Report by Vincent Poon. All rights reserved.
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Ranges (Up till 11.50am HKT) Currency CurrencyEURUSD 1.1024-62 EURJPY 138.04-52USDJPY 125.04-245 EURGBP 0.7083-0.71105GBPUSD 1.5535-89 USDSGD 1.4010-1.4150USDCHF 0.9865-87 USDTHB 35.345-57AUDUSD 0.7217-0.7325 USDKRW 1179.3-1192.8NZDUSD 0.6468-0.6550 USDTWD 31.97-32.262USDCAD 1.3084-1.3158 USDCNH 6.3850-6.5700AUDNZD 1.1134-80 AU 1101.9-1113.3Key Headlines! #$%&'(&')(*+,-'.$(*/,0USDCNY123$04(%5'(,(/'2% .,%4-6 PB7C2- )5((208 (/' *'0(%$+ )$%2(9 %$('*+,-'% (, 9'-('%4$9:- *+,-'. F23'4 (,4$9 $( 6.3306 ;'%-5-,0-/,%' *+,-' ,1 6.3250. !'+2';' ?$%&'( )$%(2*2)$0(- .2++0'3( 1,*5- ,0 (/' ,0-/,%' USDCNY *+,-'. ! A-2$8,(/5%(9'-('%4$9-'++208E5%,,0(/' C/20$123$04.'%'*$5(2,5- $>,5( 2( (/2- ?,%0208@-,+42( (,1.1024 $04 %'(5%0'4 (, 1.1055. FX Flos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sians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o said #at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es % &ataThese information have been obtained or derived from sources believed to be reliable, but I make no representation or warranty as to their accuracy or completeness.Copyright 20! The "oon #eport by $incent "oon. %ll rights reserved.!S,5(/K,%'$J5+9U0'?)+,9?'0( R$('2?)%,;'4(,3.7D 1%,? 3.9D ! J$)$0 J5+9 PP= #E# 50*/$08'4 $( -0.2D ! J$)$0 J5+9 PP= YEY 1'++ 3D 1%,? -2.4D ! A5-(%$+2$ A58 W'-()$* C,0-5?'% C,0124'0*' =04'3 $(99.5 1%,? 92.2 ! A5-(%$+2$ A58 W'-()$* C,0-5?'% C,0124'0*' SA #E#5) 7.8D 1%,? -3.2D !A5-(%$+2$H2W$8'P%2*'=04'3HEH5)0.6D1%,?0.5D ! A5-(%$+2$ H2 W$8' P%2*' =04'3 YEY 50*/$08'4 $( 2.3D 'loom(erg) Kuroda!lly*ays $e+t ',-.o/e.ore 0i1ely 2asing T#an Tapering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e+ Column 3 Renmin(i de/aluation) learn to#edge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