October 08, 2024 04:51 GMT
ASIA FX: CNH, KRW & TWD Weighed By Equity Losses/Lack Of Stimulus Details
ASIA FX
USD/Asia pairs are mixed in North East Asia. Onshore China markets have returned, with focus this morning on the NDRC briefing. Hopes were for fresh fiscal stimulus measures, along with details on how recently announced measures would be implemented. However, the detail was fairly light, while no meaningful new stimulus measures were announced.
- This helped push USD/CNH higher, from the low 7.0400 region, back to 7.0800. Onshore equities dipped from earlier double digit gains, while Hong Kong equities retraced sharply as well. USD/CNH is off these intra session highs, last near 7.0630, as onshore equity sentiment has stabilized. The CSI 300 is still up +6% for the session. Onshore USD/CNY spot has gapped higher, last above 7.0600. We closed just under 7.0200 just prior to the National Holiday period.
- Spot USD/KRW has mostly tracked higher, although post US NFP highs from last Friday remain intact. The pair got to 1351.15, but we sit slightly lower now, last near 1349, still 0.35% weaker in spot terms. Onshore equities are weaker, the Kospi off by 0.45%, weaker Samsung earnings results not helping sentiment.
- Spot USD/TWD was last near 32.17, very close to recent highs. Onshore equities are down around 0.65% at this stage.
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