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Broad Based Greenback Weakness Weighs on USD/Asia

ASIA FX

The wider USD weakness has spilled over into USD/Asia on Tuesday. USD/CNH is down ~0.2%, this is despite an initially muted reaction to the PBOCs latest firmer than forecast Yuan fix. USD/CNH is at fresh lows sub 7.2150, a full 200pips off earlier intra-day highs. A renewed rebound in HK/onshore equities is also likely aiding sentiment (HSI last +1.7%).

  • 1 month USD/KRW is probing the low 1290 region, fresh multi week lows. TWD remains a laggard though, with USD/TWD only 0.10% lower to 31.36 at this stage.
  • Elsewhere USD/MYR is ~0.2% lower, the Ringgit has trimmed four consecutive days of losses in early dealing. USD/SGD has fallen ~0.1% today and now sits below the 20- and 200-Day EMAs, printing the lowest level since 22 June.
  • USD/THB is off by 0.70%, last around 34.90. USD/PHP is under 55.40, down by 0.55%. USD/IDR is showing a modest dip, back to 15165/70 (-0.20% at this stage).

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