The market was on the lookout for today's PBoC fix, which ultimately revived their appetite for risk assets. USD/CNH spiked higher as the USD/CNY mid-point was set above CNY 7.0, but a quick comparison with the RTRS estimate revealed that expectations were for an even higher fix, which promptly negated the initial reaction, easing concerns of further yuan depreciation.

There were a few rounds of comments from RBNZ Gov Orr & Asst Gov Hawkesby. NZD knee-jerked higher as Hawkesby expressed ‘confidence of pushing inflation higher in the wake of a 50bps reduction of the OCR’.

The combination of a stronger than exp. China's trade surplus was wider than exp.,with beats noted in both exports and imports, even as the latter shrunk.Reaction in G10 FX was very limited on the day.

Economic Data:

Thursday morning kicks off with the release of the French Business Survey at 0730 BST. At 0800 BST the publication of Spain's industrial production will be watched closely. The major data event in the US is the release of initial jobless claims at 1330 BST.

AUD/USD H4

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