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ASIA FX: USD/CNH Drifts Higher Despite Positive Equity Tone, KRW Steady

ASIA FX
BulletEM BulletAPACEmerging Market News

Ranges have been relatively tight for USD/Asia pairs in the first part of Wednesday trade. USD/CNH has firmed slightly, but remains within recent ranges. The pair was last near 7.2665. Onshore spot is also higher. The CNY fixing was kept sub 7.2000, with a slightly wider fixing error. Oct industrial profits were down -10%y/y, but this was an improvement on the steep Sep fall. In any case, China onshore, along with Hong Kong equities, are seeing positive traction so far today. 

  • Spot USD/KRW was lower at the open amid headlines from Rrts around the National Pension Service selling USD/KRW recently. this has coincided with the recent spot break above 1400. Manufacturing sentiment was softer though and implied little near term rebound in GDP, while the export outlook also slowed. USD/KRW was last near 1397, little changed for the session.
  • In SEA, Indonesia was closed today. Elsewhere, USD/MYR continued to tick lower, last near 4.4500. USD/THB is very steady at 34.70. Industrial production data was close to expected in Thailand.
  • USD/PHP is near 58.90 in latest, so still within striking distance of record highs at 59.00.  
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Ranges have been relatively tight for USD/Asia pairs in the first part of Wednesday trade. USD/CNH has firmed slightly, but remains within recent ranges. The pair was last near 7.2665. Onshore spot is also higher. The CNY fixing was kept sub 7.2000, with a slightly wider fixing error. Oct industrial profits were down -10%y/y, but this was an improvement on the steep Sep fall. In any case, China onshore, along with Hong Kong equities, are seeing positive traction so far today. 

  • Spot USD/KRW was lower at the open amid headlines from Rrts around the National Pension Service selling USD/KRW recently. this has coincided with the recent spot break above 1400. Manufacturing sentiment was softer though and implied little near term rebound in GDP, while the export outlook also slowed. USD/KRW was last near 1397, little changed for the session.
  • In SEA, Indonesia was closed today. Elsewhere, USD/MYR continued to tick lower, last near 4.4500. USD/THB is very steady at 34.70. Industrial production data was close to expected in Thailand.
  • USD/PHP is near 58.90 in latest, so still within striking distance of record highs at 59.00.