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ASIA FX: Rebounding Tech Equities Do Little For KRW, TWD Sentiment

ASIA FX
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North Asia currencies have shown relatively steady trends. USD/CNH is little changed last near 7.1250, outperforming the slightly softer tone to the yen, as broader risk appetite recovers. China equities are weaker, bucking the firmer regional trend, with regulatory shifts a potential headwind so far today. The USD/CNY fixing bias was neutral. Tech related markets have outperformed, following positive gains from the US session Wednesday. 

  • Still, there is little in the way of meaningful positive spillover to the likes of KRW and TWD. Spot USD/KRW is a touch lower, last near 1339. The Kospi is up 1.5% at this stage, but there is no sign of returning offshore inflows (so far -$40mn in net outflows so far today). Some offset is potentially coming from the tick up in US yields, which has played a role in firmer USD/JPY levels.
  • It has been a similar theme for USD/TWD, which in spot terms is up slightly to 32.14 in latest dealings. TWD looks too weak relative to an improved equity backdrop, resilient export growth and lower US yields, but equity outflows from offshore investors and likely continued domestic capital outflow pressures are important offsets. 
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North Asia currencies have shown relatively steady trends. USD/CNH is little changed last near 7.1250, outperforming the slightly softer tone to the yen, as broader risk appetite recovers. China equities are weaker, bucking the firmer regional trend, with regulatory shifts a potential headwind so far today. The USD/CNY fixing bias was neutral. Tech related markets have outperformed, following positive gains from the US session Wednesday. 

  • Still, there is little in the way of meaningful positive spillover to the likes of KRW and TWD. Spot USD/KRW is a touch lower, last near 1339. The Kospi is up 1.5% at this stage, but there is no sign of returning offshore inflows (so far -$40mn in net outflows so far today). Some offset is potentially coming from the tick up in US yields, which has played a role in firmer USD/JPY levels.
  • It has been a similar theme for USD/TWD, which in spot terms is up slightly to 32.14 in latest dealings. TWD looks too weak relative to an improved equity backdrop, resilient export growth and lower US yields, but equity outflows from offshore investors and likely continued domestic capital outflow pressures are important offsets.