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Forex Flash: USD/CNH sees higher fixes, delay to widen the band? - RBS

FXstreet.com (Barcelona) - Again, anoter higher CNY fix in Asia today (lower USD/CNY). As RBS FX strategist Greg Gibbs notes, "the CNY fix was raised by 0.15%, for a move of 0.30% this week, and 0.77% since the beginning of the month."

Greg notes: "The faster appreciation in the CNY may represent efforts by the PBoC to reduce its intervention by allowing more flexibility. The market will continue to speculate a move to widen the band could come at any time, perhaps this weekend."

"Although the view of many is that it will not widen the band until spot is trading closer to the fix and thus the centre of the allowable band, signifying less speculative pressure for CNY gains" he added.

Forex: USD/JPY selling off ahead of BoJ

USD/JPY is currently selling of at fresh session lows 98.61 ahead of second BoJ meeting for the month and with Kuroda as new governor. Nikkei index has also been sold to fresh session lows, sitting at 13870 at the lunch break, down -0.43% for the day, following fresh almost 5-year highs shy of the 14k mark.
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Commodities Brief: Oil higher for 4th day in a row, closes above $93

Oil traded higher for a 4th day in a row, closing up 1.79% at 93.22. At one point oil had traded as high as 93.87 (the 200dma), but was unable to break through and leaked slightly lower to end the day. The “risk on” theme across global markets helped lead commodities higher across the board, with gold, silver, and copper also finishing higher on the day.
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