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ASIA FX: USD/CNH Lower Post Stronger Fixing, USD/KRW Supported As Equities Fall

ASIA FX
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In North East Asia FX, USD/CNH dipped post the stronger CNY fixing. The error term, in USD/CNY terms, was over 400pips, the widest since early August. This suggests push back on the recent yuan depreciation trend. Lows in USD/CNH were seen at 7.2260, but we sit higher now at 7.2340, around 0.1% stronger in CNH terms. Recent highs have been at 7.2555. For onshore spot we got sub 7.2200 in early trade, but now sit higher. 

  • Onshore China equities are around flat, but the Hong Kong back drop is softer, albeit up from lows. The HSI last around -1% lower, and still sub 20000.
  • Spot USD/KRW tested above 1410 in early trade, but found some support from the firmer yuan. We got to lows of 1403.9, but sit back closer to 1408 now. The onshore equity market is off -2%, amid broader tech headwinds. The FSC Vice Chair stated they will take action if markets are unstable. Earlier data showed the unemployment rate edging up, while employment growth cooling. This adds to the BoK easing case at the margins.
  • Spot USD/TWD is relatively steady, last near 32.45, still close to recent highs.  
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In North East Asia FX, USD/CNH dipped post the stronger CNY fixing. The error term, in USD/CNY terms, was over 400pips, the widest since early August. This suggests push back on the recent yuan depreciation trend. Lows in USD/CNH were seen at 7.2260, but we sit higher now at 7.2340, around 0.1% stronger in CNH terms. Recent highs have been at 7.2555. For onshore spot we got sub 7.2200 in early trade, but now sit higher. 

  • Onshore China equities are around flat, but the Hong Kong back drop is softer, albeit up from lows. The HSI last around -1% lower, and still sub 20000.
  • Spot USD/KRW tested above 1410 in early trade, but found some support from the firmer yuan. We got to lows of 1403.9, but sit back closer to 1408 now. The onshore equity market is off -2%, amid broader tech headwinds. The FSC Vice Chair stated they will take action if markets are unstable. Earlier data showed the unemployment rate edging up, while employment growth cooling. This adds to the BoK easing case at the margins.
  • Spot USD/TWD is relatively steady, last near 32.45, still close to recent highs.