Via National Australia Bank, comments on the Chinese yuan:
- June-to-date changes for major currencies shows the standouts are the 2.9% rise in USD/JPY and 1.8% gain for USD/CNY , against which every other G10 currency is stronger against the USD.
- Only two major central banks are currently in easing mode – the PBoC and BoJ.
- This is not currency rocket science.
LOL. Yes.
NAB further on yuan:
- Realistically, the ... Yuan (will only reverse course) on hard evidence of fiscal support for the ailing post-zero covid China recovery, currently notable by its absence.
And on the AUD:
- The AUD, after defying the pull from a weaker CNY in the first half of June, has been back showing slavish adherence in the last week or, very slightly weaker Monday (-0.07%) whereas most other G10 currencies are firmer
Earlier:
