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Forex Flash: Offshore CNH rates and the impact of RQFII - ANZ

FXstreet.com (Barcelona) - Wei Liang Chang, FX Strategist at ANZ notes that the divergence between the RMY offshore and onshore interest rates has widened due to increased appreciation expectations and speculation of band widening.

Chang feels that such divergence is likely to persist in the near-term, until such time as appreciation expectations ease, or further substantial progress is made in opening up China’s portfolio account. He writes, “We see the potential for an expanded RQFII scheme to lead to some narrowing in the divergence between onshore and offshore interest rates, but full convergence will only occur once China fully opens up the capital account.”

US: Dallas Fed Manufacturing Business Index disappoints and falls to -15.6 in April

The Dallas Fed Manufacturing Business Index fell from 7.4 to -15.6 in April, which came in as very disappointing as investors were expecting a positive figure, at 5.0.
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Forex: USD/JPY erases losses back to 98.08

Following the 15:00 GMT options cut and US pending home sales data, the USD/JPY jumped from 97.85 back above 98.00 ground, successfully erasing its daily losses at 98.08 (Friday’s closing price). Today’s load of US data was published, with Dallas Fed manufacturing business being the last indicator.
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