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ASIA FX: CNH & KRW Steadier After A Strong Thurs, Export Momentum Slowing In SK

ASIA FX
BulletEM BulletAPACEmerging Market News

In NEA FX markets, trends have been steadier compared to Thursday's strong gains. Yen volatility has likely spilled over to the region to some extent. We continue to see Hong Kong equities surge, while mainland stocks are also higher, but spillover to broader risk appetite in the region is limited at this stage. 

  • For USD/CNH we have back above 7.2400, although off earlier highs of 7.2550. Recent lows have been around the 200-day EMA (which is near 7.2340), which is likely to be a downside focus point. It is a relatively quiet data week coming up, so focus will rest on US-China trade relations, particularly around scope for any deal with the US (which kick started CNH gains yesterday). On the topside for the pair, the 100-day EMA is back close to 7.2590.
  • Spot USD/KRW is a little lower, building on won gains from Thursday's session. Today we got to 1431.35, but sit a little higher now 1433/34. This has largely reflected catch up to USD weakness though, with the 1 month NDF little changed versus end Thursday NY levels. On the data front, export momentum slowed further in Feb, based off the first 20-days of trade data (using daily averages, not headline). Sentiment readings for business were mixed, but still in contraction territory.
  • The weaker South Korea export picture is consistent with Taiwan export orders falling back into negative territory in Jan (to -3.0% y/y). USD/TWD is holding relatively steady, last just under 32.80. 
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In NEA FX markets, trends have been steadier compared to Thursday's strong gains. Yen volatility has likely spilled over to the region to some extent. We continue to see Hong Kong equities surge, while mainland stocks are also higher, but spillover to broader risk appetite in the region is limited at this stage. 

  • For USD/CNH we have back above 7.2400, although off earlier highs of 7.2550. Recent lows have been around the 200-day EMA (which is near 7.2340), which is likely to be a downside focus point. It is a relatively quiet data week coming up, so focus will rest on US-China trade relations, particularly around scope for any deal with the US (which kick started CNH gains yesterday). On the topside for the pair, the 100-day EMA is back close to 7.2590.
  • Spot USD/KRW is a little lower, building on won gains from Thursday's session. Today we got to 1431.35, but sit a little higher now 1433/34. This has largely reflected catch up to USD weakness though, with the 1 month NDF little changed versus end Thursday NY levels. On the data front, export momentum slowed further in Feb, based off the first 20-days of trade data (using daily averages, not headline). Sentiment readings for business were mixed, but still in contraction territory.
  • The weaker South Korea export picture is consistent with Taiwan export orders falling back into negative territory in Jan (to -3.0% y/y). USD/TWD is holding relatively steady, last just under 32.80.