October 24, 2024 04:37 GMT
ASIA FX: Currencies Perform in the Face of USD Strength.
ASIA FX
- Looking set to have one of its best months in some time, the USD took a breather today giving Asian currencies a rare day to perform.
- As the US election draws nearer the ‘flight to quality bid’ that the USD enjoys is evidence that investors expect volatility.
- Additionally, bond traders have repriced FED rate expectations now pricing in a slower pace of rate cuts the prior.
- Despite what was a see of red for equity markets in Asia today, Asian FX performed well.
- All currencies were up on the day with the exception being the Ringgit which hovered around flat to marginally weaker.
- Best performers intraday were KRW and IDR, both +0.20% higher with THB close behind.
- With no key data out in Asia today and no Central Bank meetings, the calendar remains light into the end of the week before gearing up for month end.
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