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ASIA FX: USD Firmer Against NEA FX, But All Onshore Markets Closed Today

ASIA FX
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North East Asian FX markets have been skewed towards USD gains so far today, but with all 3 onshore markets closed there has been no local spot anchor. 

  • USD/CNH got above 7.0500 in earlier dealings, before stabilizing somewhat. Focus remains on the Hong Kong/China equity market rebound, which has taken a meaningful pause so far today. The HSI down 2.75% at the time of writing (off intra-session lows). Some profit taking is not surprising given the extent of the recent rally. Broader USD trends have also been positive, with the BBDXY USD index ticking to fresh multi week highs.
  • USD/KRW 1 month is back above 1331, off a further 0.60% and putting the pair back above its 20-day EMA resistance point. Highs from the second half of September came in at 1337.50. Lows on Monday were near 1300. Onshore markets return tomorrow. The 1 month USD/TWD NDF has risen back to 31.97, near the simple 200-day MA. Recent highs in the pair were just above 32.00. 
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North East Asian FX markets have been skewed towards USD gains so far today, but with all 3 onshore markets closed there has been no local spot anchor. 

  • USD/CNH got above 7.0500 in earlier dealings, before stabilizing somewhat. Focus remains on the Hong Kong/China equity market rebound, which has taken a meaningful pause so far today. The HSI down 2.75% at the time of writing (off intra-session lows). Some profit taking is not surprising given the extent of the recent rally. Broader USD trends have also been positive, with the BBDXY USD index ticking to fresh multi week highs.
  • USD/KRW 1 month is back above 1331, off a further 0.60% and putting the pair back above its 20-day EMA resistance point. Highs from the second half of September came in at 1337.50. Lows on Monday were near 1300. Onshore markets return tomorrow. The 1 month USD/TWD NDF has risen back to 31.97, near the simple 200-day MA. Recent highs in the pair were just above 32.00.