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ASIA FX: USD/Asia Pairs Steady In NEA, But Close To Recent Highs

ASIA FX
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In North Asia FX, trends have been relatively steady in the first part of Friday trade, although remain close to recent highs. USD/CNH has had a little under 70pip range. We were last near 7.2530, little changed for the session. The USD/CNY fixing error remained wide. The USD/CNH-USD/CNY basis has re-widened, although spot USD/CNY got close to 7.2500 in earlier dealings. 

  • China tech related equities are softer, amid weaker earnings. There has been little negative spillover to CNH though. Hong Kong equities are also down.
  • Spot USD/KRW has drifted too far away from the 1400 level. Local equities are higher, the Kospi back above 2500, amid domestic buying support, although foreign investors are still skewed towards outflows, even with modest inflows so far today (+$124mn, but still -$1.76bn in outflows so far in Nov. Earlier onshore media reports suggested the South Korean government would consider an extra budget in early 2025 to aid softer domestic economic conditions. The FinMin later denied this report though.
  • USD/TWD is steady as well, last near 32.55. The Taiex is up nearly 1.9%, with the index close to 23000. Recent highs are still some distance away though.  
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In North Asia FX, trends have been relatively steady in the first part of Friday trade, although remain close to recent highs. USD/CNH has had a little under 70pip range. We were last near 7.2530, little changed for the session. The USD/CNY fixing error remained wide. The USD/CNH-USD/CNY basis has re-widened, although spot USD/CNY got close to 7.2500 in earlier dealings. 

  • China tech related equities are softer, amid weaker earnings. There has been little negative spillover to CNH though. Hong Kong equities are also down.
  • Spot USD/KRW has drifted too far away from the 1400 level. Local equities are higher, the Kospi back above 2500, amid domestic buying support, although foreign investors are still skewed towards outflows, even with modest inflows so far today (+$124mn, but still -$1.76bn in outflows so far in Nov. Earlier onshore media reports suggested the South Korean government would consider an extra budget in early 2025 to aid softer domestic economic conditions. The FinMin later denied this report though.
  • USD/TWD is steady as well, last near 32.55. The Taiex is up nearly 1.9%, with the index close to 23000. Recent highs are still some distance away though.