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ASIA FX: CNH Sees Little Benefit From PMI Beat, KRW Steady

ASIA FX
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It has been a quiet day for North East Asia FX markets. USD/CNH has drifted a little higher, last near 7.1300, unwinding some of yesterday's modest yuan gains. Taiwan markets have been closed, while the won has been relatively steady.

  • The official China PMIs for Oct printed. The manufacturing outcome surprised on the upside, to 50.1 versus 49.9 forecast and 49.8 prior. This is the first expansion month since April of this year. The service PMI also stayed in expansion territory at 50.2, albeit slightly below expectations. Given the seasonal headwinds in Oct (from the National Day holidays), these prints are a positive result.
  • USD/CNH has edged back above 7.1300 though. Recent lows in USD/CNH rest just under 7.1250. With near term focus still potentially resting on US data outcomes and next week's election in the US. We also have the early Nov Politburo meeting.
  • Spot USD/KRW is a little lower, last near 1379. Intra-session lows from Wednesday came in at 1374.45. Onshore equities are off over 1% so far today, but hasn't impact local FX sentiment. Sep industrial production was weaker than forecast, amid a slowdown in chip production. This adds to economic slowdown fears. 
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It has been a quiet day for North East Asia FX markets. USD/CNH has drifted a little higher, last near 7.1300, unwinding some of yesterday's modest yuan gains. Taiwan markets have been closed, while the won has been relatively steady.

  • The official China PMIs for Oct printed. The manufacturing outcome surprised on the upside, to 50.1 versus 49.9 forecast and 49.8 prior. This is the first expansion month since April of this year. The service PMI also stayed in expansion territory at 50.2, albeit slightly below expectations. Given the seasonal headwinds in Oct (from the National Day holidays), these prints are a positive result.
  • USD/CNH has edged back above 7.1300 though. Recent lows in USD/CNH rest just under 7.1250. With near term focus still potentially resting on US data outcomes and next week's election in the US. We also have the early Nov Politburo meeting.
  • Spot USD/KRW is a little lower, last near 1379. Intra-session lows from Wednesday came in at 1374.45. Onshore equities are off over 1% so far today, but hasn't impact local FX sentiment. Sep industrial production was weaker than forecast, amid a slowdown in chip production. This adds to economic slowdown fears.