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ASIA FX:  Caught Watching the BOJ as China Keeps Policy on Hold. 

ASIA FX
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  • Asian currencies slipped quietly into the weekend after the excitement from the FED and all eyes on the BOJ in the region.
  • Lost in the expectation around the BOJ was China’s policy decision on LPR.
  • In line with market expectations banks in China maintained key loan prime rates unchanged for September.
  • The CNY has had a very strong year and following on from the decision by the Federal Reserve, likely gives the PBOC time to further measures to support the struggling economy.
  • In Thailand, the ongoing surge by the BAHT has seen it up 8% since June.  Whilst more of a USD story with the FED, the rise in the currency is enough to worry the tourism sector as the Deputy Finance Minister urged the Central Bank to intervene.
  • THB was quiet today up just 0.02% but for the week rose 0.74%.
  • INR was strong today up 0.16% to finish up over 0.40% for the week.
  • The Indian economy is in a very strong position in this phase of the global economy with growth strong, inflation moderating, and FX reserves large.  The RBI does not seem to be in any hurry to move on rates at this stage.
  • In Korea, the WON had a quiet end to the week after a weaker day yesterday.  Korean equity markets finished the week very strongly and could possibly finish at their highest level for a fortnight.   
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  • Asian currencies slipped quietly into the weekend after the excitement from the FED and all eyes on the BOJ in the region.
  • Lost in the expectation around the BOJ was China’s policy decision on LPR.
  • In line with market expectations banks in China maintained key loan prime rates unchanged for September.
  • The CNY has had a very strong year and following on from the decision by the Federal Reserve, likely gives the PBOC time to further measures to support the struggling economy.
  • In Thailand, the ongoing surge by the BAHT has seen it up 8% since June.  Whilst more of a USD story with the FED, the rise in the currency is enough to worry the tourism sector as the Deputy Finance Minister urged the Central Bank to intervene.
  • THB was quiet today up just 0.02% but for the week rose 0.74%.
  • INR was strong today up 0.16% to finish up over 0.40% for the week.
  • The Indian economy is in a very strong position in this phase of the global economy with growth strong, inflation moderating, and FX reserves large.  The RBI does not seem to be in any hurry to move on rates at this stage.
  • In Korea, the WON had a quiet end to the week after a weaker day yesterday.  Korean equity markets finished the week very strongly and could possibly finish at their highest level for a fortnight.