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ASIA FX: Asia Currencies Mixed, Central Bank Efforts Step Up

ASIA FX
BulletEM BulletAPACEmerging Market News

Asian currencies have been mixed in the first part of Friday trade. USD/CNH remains quite steady and isn't moving too far away from the 7.3100 level at this stage. As expected the 1yr and 5yr LPRs were left unchanged. 

  • For spot USD/KRW we have drifted a little higher, but gains beyond 1450 have been muted. BBG reports around National Pension Service hedging flows above 1450 remain a focus point. With the won at lows back to 2009, it is likely to remain a near term focus point for the authorities. Spot USD/TWD is a little higher, but not far beyond 32.70 at this stage, as expected, the CBC held rates steady on Thursday.
  • In South East Asia, spot USD/IDR probed above 16300, but headlines cross from BI that it would boldly guard the local FX. The pair was last near 16280, little changed for the session.
  • BSP Governor Remolona was also on the wires post yesterday's rate cut, stating that the central bank has been active in FX markets recently. This has helped keep USD/PHP sub 59.00, which is record lows for the peso.
  • USD/MYR has drifted a little higher, last above 4.5100, while USD/THB is also higher up to 34.60/65, but remains within recent ranges. 
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Asian currencies have been mixed in the first part of Friday trade. USD/CNH remains quite steady and isn't moving too far away from the 7.3100 level at this stage. As expected the 1yr and 5yr LPRs were left unchanged. 

  • For spot USD/KRW we have drifted a little higher, but gains beyond 1450 have been muted. BBG reports around National Pension Service hedging flows above 1450 remain a focus point. With the won at lows back to 2009, it is likely to remain a near term focus point for the authorities. Spot USD/TWD is a little higher, but not far beyond 32.70 at this stage, as expected, the CBC held rates steady on Thursday.
  • In South East Asia, spot USD/IDR probed above 16300, but headlines cross from BI that it would boldly guard the local FX. The pair was last near 16280, little changed for the session.
  • BSP Governor Remolona was also on the wires post yesterday's rate cut, stating that the central bank has been active in FX markets recently. This has helped keep USD/PHP sub 59.00, which is record lows for the peso.
  • USD/MYR has drifted a little higher, last above 4.5100, while USD/THB is also higher up to 34.60/65, but remains within recent ranges.