Asian currencies and stock markets came under pressure again after the PBoC devalued for the second consecutive day, shifting the yuan's reference rate to 6.3306 versus the dollar, which is a 1.6% weakening of the Chinese currency, adding to yesterday's 1.9% devaluation. The yen was the exception as the currency's inverse correlation with stock markets kicked-in, driving USD-JPY to a low of 124.31 after the pair had earlier logged a two-month high at 125.28. The euro continued to outperform on fading Grexit risk. EUR-USD clocked a one-month peak at 1.1157.
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