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ASIA FX: USD/CNH Edges Up Ahead Of NPC Briefing, SEA FX Up In Spot Terms

ASIA FX
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USD/CNH has edged a little higher through the first part of Friday trade. We were last near 7.1580, close to 0.15% weaker in CNH terms. The CNY fixing was again close to neutral. Both China and Hong Kong equities have softened in the first half of the session, but are still up for the week. The market awaits details around further stimulus details at the conclusion of the NPC. A press conference is to be held in Hong Kong at 4pm to discuss the raising of the ceiling on local government debt to replace hidden debt.

  • Intra-session lows from Thursday were at 7.1415, while post US election highs printed at 7.2132. There are the levels to be mindful of. Also note we get Oct inflation figures in China out tomorrow.
  • Spot USD/KRW has been range bound. We were last near 1386, little changed for the session. Officials repeated remarks around financial market volatility and being prepared to act. BoK Governor Rhee stated that 1-2 weeks are needed to assess the US election impact for local policy (per BBG).
  • Spot TWD is firmer by around 0.50%, as onshore markets play catch up with USD losses. USD/TWD was last near 32.05/10.
  • In South East Asia, most currencies are higher, reflecting catch up gains as well. We are away from best levels though for some pairs. USD/THB was under 34.00 but now sits higher.
  • USD/PHP is back above 58.40, while USD/IDR is around 15670, up 0.30% so far today. 
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USD/CNH has edged a little higher through the first part of Friday trade. We were last near 7.1580, close to 0.15% weaker in CNH terms. The CNY fixing was again close to neutral. Both China and Hong Kong equities have softened in the first half of the session, but are still up for the week. The market awaits details around further stimulus details at the conclusion of the NPC. A press conference is to be held in Hong Kong at 4pm to discuss the raising of the ceiling on local government debt to replace hidden debt.

  • Intra-session lows from Thursday were at 7.1415, while post US election highs printed at 7.2132. There are the levels to be mindful of. Also note we get Oct inflation figures in China out tomorrow.
  • Spot USD/KRW has been range bound. We were last near 1386, little changed for the session. Officials repeated remarks around financial market volatility and being prepared to act. BoK Governor Rhee stated that 1-2 weeks are needed to assess the US election impact for local policy (per BBG).
  • Spot TWD is firmer by around 0.50%, as onshore markets play catch up with USD losses. USD/TWD was last near 32.05/10.
  • In South East Asia, most currencies are higher, reflecting catch up gains as well. We are away from best levels though for some pairs. USD/THB was under 34.00 but now sits higher.
  • USD/PHP is back above 58.40, while USD/IDR is around 15670, up 0.30% so far today.