AUD/USD leads the way

AUD/USD in a repeat of yesterday is the days weakest currency so far. This favourite risk play is not running on domestic factors but global risk appetite. I would not get too excited however – the pullback from the lows overnight was nasty. Elsewhere some interesting moves noted in CNY pairs. The CNY NDFs have pushed hard left with players seemingly relieved that the PBOC appears to be taking its foot off monetary pedal with yields now easing ahead of tomorrows monthly data dump that includes CPI. AUD/USD last at 1.0327.