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ASIA FX: Won Rebounds As Authorities Look To Contain Martial Law Fallout

ASIA FX
BulletEM BulletAPACEmerging Market News

USD/Asia pairs are mostly lower in the first part of Wednesday dealing. The standout has been the won, with USD/KRW down by over 1.2% at this stage. We opened sharply lower, getting to 1406.35 before rebounding. The pair was last near 1411. Intra-session highs from Tuesday were close to 1445. Pre martial law headlines were around the 1403 level. 

  • There has been lots of regulatory/BoK meetings today, with the authorities pledging to provide unlimited liquidity. The BoK also noted it didn't discuss interest rates today.
  • For President Yoon, opposition parties are looking to submit an impeachment motion against President Yoon at 2:40pm local time today, which is right about now.
  • Elsewhere, spot USD/CNH is down around 0.20%, last near 7.2860/70. The CNY fixing was much stronger than forecast and remains sub 7.2000. We had the Caixin PMI for services print weaker than expected but that didn't impact greatly.
  • In South East Asia, all currencies except IDR are higher.
  • USD/MYR is away from recent highs, last near 4.4500, while USD/PHP is down 0.35% to sub 58.40. USD/THB is back near 34.30. Earlier data showed  weaker than expected Thailand CPI for Nov, headline dipping m/m, while the y/y pace is still under 1%.
  • USD/IDR is relatively steady near 15950, it's likely to authorities are on guard against a sharp break through 16000. 
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USD/Asia pairs are mostly lower in the first part of Wednesday dealing. The standout has been the won, with USD/KRW down by over 1.2% at this stage. We opened sharply lower, getting to 1406.35 before rebounding. The pair was last near 1411. Intra-session highs from Tuesday were close to 1445. Pre martial law headlines were around the 1403 level. 

  • There has been lots of regulatory/BoK meetings today, with the authorities pledging to provide unlimited liquidity. The BoK also noted it didn't discuss interest rates today.
  • For President Yoon, opposition parties are looking to submit an impeachment motion against President Yoon at 2:40pm local time today, which is right about now.
  • Elsewhere, spot USD/CNH is down around 0.20%, last near 7.2860/70. The CNY fixing was much stronger than forecast and remains sub 7.2000. We had the Caixin PMI for services print weaker than expected but that didn't impact greatly.
  • In South East Asia, all currencies except IDR are higher.
  • USD/MYR is away from recent highs, last near 4.4500, while USD/PHP is down 0.35% to sub 58.40. USD/THB is back near 34.30. Earlier data showed  weaker than expected Thailand CPI for Nov, headline dipping m/m, while the y/y pace is still under 1%.
  • USD/IDR is relatively steady near 15950, it's likely to authorities are on guard against a sharp break through 16000.