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CNH & IDR Lag Softer USD Trend, KRW & PHP Outperform

ASIA FX

USD/Asia pairs sit lower across the board for the most part. USD/CNH has been relatively steady, while USD/IDR has risen a touch (being the main exceptions). KRW and PHP spot gains have been the outperformers. Support has come from a weaker USD trend against the majors, while regional equity sentiment has been mixed. The regional data calendar remains fairly light tomorrow.

  • The USD/CNY fix rose back above 7.1100, but didn't breach recent highs. USD/CNH probed above 7.2600 post the outcome, but there was no follow through. The pair last tracked around 7.2590, little changed for the session. Property shares opened higher, following an easing of restrictions in Shanghai yesterday, but we sit away from session highs.
  • 1 month USD/KRW got to lows of 1353.56 before finding some support. We last tracked near 1356.5, still 0.20% stronger for the session in won terms. The won has seen support from higher beta FX gains in the G10 space. Local equities are down slightly.
  • USD/PHP is back sub 58.00, the pair last in the 57.90/95 region. We are up around 0.30% in PHP terms so far today. Only KRW is up more in terms of Asia FX gains against the USD. Recent highs in the pair rest in the 58.25/30 region. Outside of broader USD softness and some decline in yields, PHP gains may be reflective of increased focus from the central bank. Senior BSP Assistant Governor Sicat stated yesterday the weakness was only likely to be temporary, while the broad range expected for USD/PHP was 55.00-58.00 (the central bank said in its monetary policy report for May). Still, a sense that the BSP may ease before the Fed, with Finance Secretary Recto stating yesterday the first cut may come in Q3, could keep USD/PHP dips supported.
  • USD/IDR has firmed back towards 16100, around 0.20% weaker in IDR terms. There hasn't been a clear catalyst for rupiah weakness so far today. Some catch up after markets were shut in the latter half of last week may be a factor, particularly ahead of month end.
  • Elsewhere, USD/THB sits around 0.20% weaker, last near 36.55.
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