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ASIA FX: USD/CNH Firms With Lower Equities, KRW & TWD Slightly Higher

ASIA FX
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North East Asia FX trends have been mixed so far in Wednesday trade. CNH is a little weaker, while KRW and TWD have ticked up a touch. 

  • USD/CNH has risen back above 7.1500, but remains comfortably back within Tuesday's ranges. CNH is around 0.10% weaker, while onshore spot is off by around the same amount. We saw the USD/CNY fixing come in slightly below market expectations, but not large by historical standards. Onshore equities have struggled, off a little over 1% at the break for the CSI 300. Latest reports of potential stimulus measures, including large fiscal stimulus (per Rtrs reports late yesterday), haven't generated a positive market reaction at this stage.
  • Spot USD/KRW is lower, but at 1383/84, remains comfortably within recent ranges. We are up around 0.20% for the won versus end Tuesday levels. Onshore equities are off over 0.90%, but remain within recent ranges from an index standpoint (the Kospi just under 2600). Offshore investors continue to sell local equities, off a further $317mn today, to bring Oct to date outflows to nearly $3bn. North Korea is reportedly preparing an ICBM launch per Yonhap.
  • Spot USD/TWD is down a touch, but remains above the 32.00 level for now, continuing to display quite low volatility.  
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North East Asia FX trends have been mixed so far in Wednesday trade. CNH is a little weaker, while KRW and TWD have ticked up a touch. 

  • USD/CNH has risen back above 7.1500, but remains comfortably back within Tuesday's ranges. CNH is around 0.10% weaker, while onshore spot is off by around the same amount. We saw the USD/CNY fixing come in slightly below market expectations, but not large by historical standards. Onshore equities have struggled, off a little over 1% at the break for the CSI 300. Latest reports of potential stimulus measures, including large fiscal stimulus (per Rtrs reports late yesterday), haven't generated a positive market reaction at this stage.
  • Spot USD/KRW is lower, but at 1383/84, remains comfortably within recent ranges. We are up around 0.20% for the won versus end Tuesday levels. Onshore equities are off over 0.90%, but remain within recent ranges from an index standpoint (the Kospi just under 2600). Offshore investors continue to sell local equities, off a further $317mn today, to bring Oct to date outflows to nearly $3bn. North Korea is reportedly preparing an ICBM launch per Yonhap.
  • Spot USD/TWD is down a touch, but remains above the 32.00 level for now, continuing to display quite low volatility.