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All Eyes On Fed As Most USD/Asia Crosses Advance; Yuan Shows Resilience

ASIA FX

The renomination of Jerome Powell as Fed Chair provided the initial impulse supporting USD/Asia crosses in early trade, with some pointing to comments from Atlanta Fed Pres Bostic, who advocated a quicker pace of tapering.

  • CNH: Offshore yuan defied the PBOC's back-to-back softer-than-expected yuan fixings. The central USD/CNY mid-point was set at CNY6.3929 today, 25 pips above sell-side estimate. USD/CNH was biased lower but held a familiar range.
  • KRW: The won helped bring up the read in Asia EM basket, owing to its characteristic exposure to moves in U.S. Tsy yields. Spot USD/KRW trimmed gains as South Korea's consumer sentiment continued to improve, while FinMin Hong flagged potential for fresh economic relief measures.
  • IDR: Spot USD/IDR crept higher as the local headline flow remained rather thin. Fitch yesterday affirmed Indonesia's credit rating at BBB, keeping the outlook at stable.
  • MYR: Spot USD/MYR climbed to its highest point since Sep 30, driven solely by broader market impetus.
  • THB: The 100-DMA gave way to spot USD/THB. Worth noting that official data showed yesterday that Thailand's unemployment rate jumped to 2.25% in Q3, the highest level since 2005.
  • PHP: Spot USD/PHP consolidated above its 50-DMA after breaking above that moving average on Monday.
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