FX Daily: People's Bank of China issues a fixing protest

The dollar is slightly softer today as the People’s Bank of China (PBoC) seemed to issue a protest against recent renminbi weakness with a stronger fixing. Additional stimulus measures from China are also helping the commodity complex. Yet US yields remain at their highs and dollar dips should be limited before tomorrow’s speech from Fed Chair Powell The dollar is slightly softer today and risk sentiment is marginally better. Activities by Chinese authorities probably account for both of these developments but are not seen as game-changing. On the dollar side, the recent upside breakout in USD/CNY had hit emerging currencies…