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ASIA FX: CNH Firms Amid Trump Invite/Higher Equities

ASIA FX
BulletEM BulletAPACEmerging Market News

In North Asia FX, trends have been mixed so far in Thursday trade. USD/CNH is sub 7.2700, around 0.15% stronger in CNH terms. We had earlier headlines that incoming US President Trump had invited China President Xi Jinping to his inauguration. It is uncertain on whether Xi will attend, but any signs of positive relations will be welcomed by the market. 

  • Local equities are also higher, as the economic working group meeting concludes. Eyes will be on any near term or 2025 stimulus clues. An expansion to the private pension program (to the whole nation) is also benefiting local equities.
  • For USD/CNH, yesterday's lows around 7.2425 will be eyed on further downside momentum.
  • Spot USD/KRW has drifted back above 1430, last near 1433, around 0.20% weaker in won terms. The pair remains within recent ranges though. Current President Yoon gave a defiant address. He stated he would not step down and accused the opposition parties of paralyzing his administration (per BBG). Still, 6 members of the ruling party stated they would join the impeachment (8 are needed to ensure it passes). The PPP leader also stated impeachment is the only way to stop Yoon from continuing his duties. The vote is scheduled for Saturday.
  • USD/TWD spot has been relatively steady, last near 32.50/ 
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In North Asia FX, trends have been mixed so far in Thursday trade. USD/CNH is sub 7.2700, around 0.15% stronger in CNH terms. We had earlier headlines that incoming US President Trump had invited China President Xi Jinping to his inauguration. It is uncertain on whether Xi will attend, but any signs of positive relations will be welcomed by the market. 

  • Local equities are also higher, as the economic working group meeting concludes. Eyes will be on any near term or 2025 stimulus clues. An expansion to the private pension program (to the whole nation) is also benefiting local equities.
  • For USD/CNH, yesterday's lows around 7.2425 will be eyed on further downside momentum.
  • Spot USD/KRW has drifted back above 1430, last near 1433, around 0.20% weaker in won terms. The pair remains within recent ranges though. Current President Yoon gave a defiant address. He stated he would not step down and accused the opposition parties of paralyzing his administration (per BBG). Still, 6 members of the ruling party stated they would join the impeachment (8 are needed to ensure it passes). The PPP leader also stated impeachment is the only way to stop Yoon from continuing his duties. The vote is scheduled for Saturday.
  • USD/TWD spot has been relatively steady, last near 32.50/