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ASIA FX: Dollar Consolidating After Strong Week, BI Intervenes To Aid IDR

ASIA FX
GlobalEM BulletBulletAPACEmerging Market NewsRegion

After a strong week for the USD, Friday's session has seen some consolidation. Some pairs are off recent highs, but only modestly.  

  • USD/CNH sits within recent ranges, last near 7.2425/30, around 0.15% firmer in CNH terms. USD/CNY has crept higher, but remains off recent highs above 7.2400. The Oct data run was mixed, retail quite a bit firmer than expected, but IP and FAI slightly below. House prices showed slightly improved trends. The CNY fixing was again set on the strong side, remaining under 7.2000 for now.
  • Spot USD/KRW has fallen back under 1400. South Korea was added to the US Treasury's FX manipulation list amid a higher current account surplus and rising trade surplus with the US. Local equities have recovered from earlier losses and sit back at 2430, up nearly 0.45% for the session.
  • BI intervened in FX markets, after spot USD/IDR broke above15900 in early trade. The pull back has been modest though, last near 15890, so still down 0.2% in IDR terms. The Oct trade surplus was softer, sub $2.5bn as imports surged.
  • USD/MYR sits slower, last near 4.4780. Q3 GDP revisions were unchanged at 1.8% q/q. The Malaysian authorities are also liberalising its FX policies to support investment into the country.
  • USD/THB has corrected lwoer from overbought conditions, last back sub 35.00, but has found support around the 200-day EMA. 
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After a strong week for the USD, Friday's session has seen some consolidation. Some pairs are off recent highs, but only modestly.  

  • USD/CNH sits within recent ranges, last near 7.2425/30, around 0.15% firmer in CNH terms. USD/CNY has crept higher, but remains off recent highs above 7.2400. The Oct data run was mixed, retail quite a bit firmer than expected, but IP and FAI slightly below. House prices showed slightly improved trends. The CNY fixing was again set on the strong side, remaining under 7.2000 for now.
  • Spot USD/KRW has fallen back under 1400. South Korea was added to the US Treasury's FX manipulation list amid a higher current account surplus and rising trade surplus with the US. Local equities have recovered from earlier losses and sit back at 2430, up nearly 0.45% for the session.
  • BI intervened in FX markets, after spot USD/IDR broke above15900 in early trade. The pull back has been modest though, last near 15890, so still down 0.2% in IDR terms. The Oct trade surplus was softer, sub $2.5bn as imports surged.
  • USD/MYR sits slower, last near 4.4780. Q3 GDP revisions were unchanged at 1.8% q/q. The Malaysian authorities are also liberalising its FX policies to support investment into the country.
  • USD/THB has corrected lwoer from overbought conditions, last back sub 35.00, but has found support around the 200-day EMA.