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ASIA FX: CNH Only Modestly Higher, Despite Onshore Equity Surge

ASIA FX
BulletEM BulletAPACEmerging Market News

In North East Asia FX markets, trends are closed to unchanged in the first part of Friday dealings. CNH is a little higher, as onshore equities surge amid consumption stimulus hopes. USD/KRW is little changed, while USD/TWD is steady, near 33.00. Some offset has come from the weaker yen, with US equities rising on reduced US government shut down odds. 

  • For USD/CNH, we are back near the low 7.2400 region. Earlier highs in the pair were at 7.2543. The CSI 300 has surged over 2.3%, with the index breaking above 4000 and trading at fresh highs for the year. The main impetus is a briefing to be held on Monday from major government departments and regulators, with the aim of boosting consumption. This comes after the recent conclusion of the NP. Equity outperformance should, all else equal, benefit the yuan. For USD/CNH earlier lows this week were sub the simple 200-day (7.2220), which is likely to be a downside focus point.
  • Spot USD/KRW is little changed, last just under 1455. Local South Korea equities have struggled for positive traction, while earlier data showed import and export prices falling in m/m terms. Equity outflows have still been significant this past week (near $1.5bn). Spot USD/KRW has drifted up into the upper half of its recent ranges, with upside focus likely to rest on a move back above 1460. South Korean political parties will discuss the extra budget next week, while focus is also on any protests with former President Yoon's impeachment ruling expected soon.
  • Spot USD/TWD was last near 33.00, with an earlier move above this figure level drawing selling interest. Taiwan has seen very large equity outflows this past week, of over $3bn. 
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In North East Asia FX markets, trends are closed to unchanged in the first part of Friday dealings. CNH is a little higher, as onshore equities surge amid consumption stimulus hopes. USD/KRW is little changed, while USD/TWD is steady, near 33.00. Some offset has come from the weaker yen, with US equities rising on reduced US government shut down odds. 

  • For USD/CNH, we are back near the low 7.2400 region. Earlier highs in the pair were at 7.2543. The CSI 300 has surged over 2.3%, with the index breaking above 4000 and trading at fresh highs for the year. The main impetus is a briefing to be held on Monday from major government departments and regulators, with the aim of boosting consumption. This comes after the recent conclusion of the NP. Equity outperformance should, all else equal, benefit the yuan. For USD/CNH earlier lows this week were sub the simple 200-day (7.2220), which is likely to be a downside focus point.
  • Spot USD/KRW is little changed, last just under 1455. Local South Korea equities have struggled for positive traction, while earlier data showed import and export prices falling in m/m terms. Equity outflows have still been significant this past week (near $1.5bn). Spot USD/KRW has drifted up into the upper half of its recent ranges, with upside focus likely to rest on a move back above 1460. South Korean political parties will discuss the extra budget next week, while focus is also on any protests with former President Yoon's impeachment ruling expected soon.
  • Spot USD/TWD was last near 33.00, with an earlier move above this figure level drawing selling interest. Taiwan has seen very large equity outflows this past week, of over $3bn.