North American participants have plenty to catch up on. Yesterday was strongly risk-on, while today the tone has been more convoluted. The dollar has traded mixed, rallying strongly yesterday against the yen and the euro while loosing ground to outperforming commodity currencies. A 8.2% surge in Japan's broad Topic index was the main story of yesterday. The risk-on catalyst were remarks by the PBoC's governor, who said over the weekend that there was no basis for continued depreciation of the yuan, which was backed up by the central bank setting the reference rate 0.3% higher yesterday.
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