The low USD/CNY fix is playing into the hands of USD/Asia bears and USD/SGD has been leading the way lower in recent weeks, unable to maintain any sort of a rally. It is back trading near recent lows at 1.2425 and a clean break below 1.2400 could open the pair up for some steeper falls.
USD/JPY is drifting lower in sympathy, EUR/USD and cable are at session highs, and the AUD/USD is also edging higher; not hearing much of the flows front from the interbank market.
