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EMERGING MARKETS: CNH hits a new high as China removed from watchlist
- Confirmation overnight that the US are removing China from their currency
manipulator watchlist helped buoy Chinese markets further, prompting USD/CNH to
hit new cycle lows at 6.8663. The pair has bounced somewhat ahead of the NY
crossover, but CNY remains the strongest performing currency in EM markets
- Asian currencies traded well, with USD/TWD & USD/IDR extending trade-inspired
losses to operate at levels not seen since 2018. USD/PHP plumbed a multi-year
low too, but bounced as it reopened after a forced market closure linked to the
eruption of Taal volcano - this kept PHP the weakest in Asian FX.
- Elsewhere, the Bank of Thailand expressed concern (again) with the strength of
THB, adding that it is ready to rein it in. USD/KRW dropped to its worst levels
since July, before paring the bulk of initial losses.
- The data calendar is empty for EM currencies Tuesday, keeping focus on the
still-unknown details within the US/China trade deal.