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ASIA FX: Positive Spill Over From Yen Gains, Although KRW A Clear Laggard

ASIA FX
BulletEM BulletAPACEmerging Market News

USD/Asia pairs are tracking lower in the first part of Friday trade. With yen up around 1% we are seeing positive spill over to region from a correlation/trade linkage standpoint.

  • USD/CNH was last near 7.2360, close to session lows. We are up around 0.20% in NCH terms. Onshore spot has also opened lower, last near 7.2300. For USD/CNH downside focus may rest at the 7.2250 region, levels last seen on Nov 19. The 20-day EMA is close to 7.2200.
  • The won is not benefiting much from broader USD softness though, particularly yen gains. Spot USD/KRW was last near 1395, little changed for the session. Earlier data showed flat IP, while other detail hinted at softer retail sales and facilities investment. Carry over from yesterday's surprise BOK cut is likely weighing. Local equities are also down 1.80% amid tech headwinds in this space.
  • The JPY/KRW is up strongly, the pair testing above 9.3000, fresh highs back to late Sep.
  • Elsewhere, USD/THB is down around 0.50%, last near 34.25/30, showing still reasonable correlation with yen moves.
  • USD/SGD is back under 1.3400, up close to 0.30%. USD/MYR is near 4.4350, up by a similar amount. 
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USD/Asia pairs are tracking lower in the first part of Friday trade. With yen up around 1% we are seeing positive spill over to region from a correlation/trade linkage standpoint.

  • USD/CNH was last near 7.2360, close to session lows. We are up around 0.20% in NCH terms. Onshore spot has also opened lower, last near 7.2300. For USD/CNH downside focus may rest at the 7.2250 region, levels last seen on Nov 19. The 20-day EMA is close to 7.2200.
  • The won is not benefiting much from broader USD softness though, particularly yen gains. Spot USD/KRW was last near 1395, little changed for the session. Earlier data showed flat IP, while other detail hinted at softer retail sales and facilities investment. Carry over from yesterday's surprise BOK cut is likely weighing. Local equities are also down 1.80% amid tech headwinds in this space.
  • The JPY/KRW is up strongly, the pair testing above 9.3000, fresh highs back to late Sep.
  • Elsewhere, USD/THB is down around 0.50%, last near 34.25/30, showing still reasonable correlation with yen moves.
  • USD/SGD is back under 1.3400, up close to 0.30%. USD/MYR is near 4.4350, up by a similar amount.