October 17, 2024 05:37 GMT
ASIA FX: USD/CNH Dips Supported, KRW Weakens
ASIA FX
USD/CNH sits up from earlier lows, last near 7.1365, which leaves us little changed for the session. China/Hong Kong equities have moved off earlier highs, as the market digests the housing briefing outcome.
- Ensuring completion of unfinished onshore projects (through expanding the 'white list') is a likely welcome development onshore but markets will be likely looking for firmer timelines and details around planned stimulus measures in the fiscal space. The authorities seem to be focused on risk mitigation rather seeing the sector expand rapidly once again (in terms of property). Property related equity indices have all fallen sharply.
- Spot USD/KRW got to fresh highs near 1370, but sits slightly lower now, last near 1368. Onshore equities are struggling for upside, while offshore investors continue to sell local stocks.
- USD/TWD is a touch higher, last near 32.20. Headlines have just crossed of the TSMC earnings beat for Q3. This is more likely to be important for global equities rather than TWD, although it may encourage some fresh offshore inflows.
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