ForexLive Asia FX News Wrap: Major Exchange Rates, Minor Movements in Asia (But Yuan is a Driver)

We have seen some gyrations in major exchange rates during the session here, confined to fairly minor ranges though. The net change over the day is only small. The US time zone has seen large swings in response to the CPI data release, but those swings have not continued here.

On the news front, there was little impact.

We had some late afternoon remarks from the Fed’s Bullard, he said 50 basis point hikes in the upcoming meeting is a good benchmark right now.

China’s central bank, the People’s Bank of China, set the benchmark rate at the lowest (for the onshore yuan) since October 16, 2020. During the session, the offshore yuan, CNH, fell to its lowest low since


2020. In other central bank news, the Hong Kong Monetary Authority stepped in to support the Hong Kong dollar.

The offshore yuan fell again:


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