CNH Steady, Other USD/Asia Pairs Mostly Firmer

USD/Asia pairs are mostly trading with a firm bias, albeit with USD/CNH slightly lower. THB and PHP have continued to trade with a softer bias. INR is relatively steady post the RBI's on hold outcome. Tomorrow, we get Singapore Q2 GDP revisions, South Korean money supply and Thailand consumer confidence. China aggregate credit figures and new loans data is also due between now and the 15th of August.

• USD/CNH has had a very quiet session compared to recent history. The pair has oscillated around 7.2200. The CNY fixing was again much stronger than expected. Weaker local equities have kept moves sub 7.2200 supported though.
• 1 month USD/KRW has continued to track recent ranges, albeit with a positive bias this afternoon (with some spill over from weaker yen levels likely weighing). The pair was last just above 1316.
• USD/INR hasn't moved a great deal after the as expected RBI on hold decision. There were hawkish undertones from the RBI, but this has impacted local equities more so than INR. USD/INR was last in the 82.80/85 region, little changed in the session to date.
• USD/THB is pushing above 35.00, the pair last in the 35.10/15 region, +0.60% firmer for the session. Next week the Constitutional Court is due to decide on whether to allow PM candidate renominations which should mean the next vote can go ahead soon after. It is still unclear whether Pheu Thai’s candidate Srettha will get enough support though. Political uncertainty has weighed on the baht since late July.
• USD/PHP is off earlier session highs, last near 56.30. Moves above 56.40 continue to draw selling interest. Earlier Q2 GDP was much weaker than expected, but the officials still believe the full year growth target can be reached.
• The Ringgit is little changed in dealing on Thursday. In yesterday's session the 20-Day EMA (4.5674) provided support to USD/MYR as broader USD trends dominated flows, the pair pared losses to finish ~0.1% lower than opening levels. We sit at 4.5720/50 in recent dealings.
• The SGD NEER (per Goldman Sachs estimates) is little changed in early dealing, remaining well within the recent range. The measure sits ~0.7% below the top of the band. USD/SGD is also little changed (1.3475/80), and is dealing in a tight range. The pair was unable to sustain a break of the 200-Day EMA ($1.3467) yesterday.