-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI Podcasts -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
MNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
-
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessCNH Lags, KRW & INR Outperform
CNH has underperformed mixed trends elsewhere in the USD/Asia space. Disappointment around the 2023 growth target has weighed on China related asset sentiment. KRW has generally held recent gains, while INR is also still on the front foot. Overall moves haven't been large though. Tomorrow, we get Jan-Feb trade figures From China, South Korea Q4 GDP revisions, Taiwan CPI and trade figures, along with Thailand and Philippines CPI prints.
- USD/CNH has seen selling interest emerge around the 6.9200 level. We last tracked slightly lower at 6.9160/70, 0.30% weaker in CNH terms versus Friday's close. Onshore equities are down around 0.50%, while Northbound flows have been negative (near -1.8bn yuan). The prospects of less policy stimulus has weighed on the equity space, with some disappointment around the 5% growth target for this year.
- 1 month USD/KRW climbed in the first part of trade, but didn't get beyond 1298, we now sit back at 1293/94, only slightly below NY closing levels from Friday. The Kospi is up over 1%, with offshore investors flow positive. The NPS (Korea's National Pension Service) has stated it stands ready to revive the swap facility with BoK if needed. Feb inflation pressures were lower than expected.
- The Rupee is mostly trading on the front foot, with USD/INR back under the 81.80 level. This follows further onshore equity gains and decent offshore equity inflow momentum. Lower US yields are also helping. The pair is sub is 100-day EMA as well.
- USD/PHP is relatively steady. The pair last in the 54.80/85 region. We are close to multi-week lows, but haven't been able to sustain much downside. On the data front, all eyes rest on tomorrow's CPI outcome. The market looks for 8.9% y/y, (8.7% prior), while the BSP has a 8.5% to 9.3% forecast range. BSP Governor Medalla noted at the end of last week, that a breach of the 9% handle could mean a 50bps hike at the March 23 meeting.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.