Dollar Claws Back Some Recent Losses

USD/Asia pairs are higher across the board, albeit to varying degrees. The won's recent outperformance has reversed somewhat today, down nearly 1% amid a broad regional equity pull back. PHP and MYR have lost ground as well. THB has been an outperformer though. Still to come today is Taiwan inflation and trade data for October. Tomorrow, we get South Korea current account data, as well as Philippines unemployment figures.

• USD/CNH sits a little higher in recent dealings last near 7.2860. Onshore spot has risen back to 7.2800 (after closing yesterday around 7.2700). Onshore equities are weaker in line with the rest of the region. Oct trade data was mixed, with exports falling slightly more than expected, but imports surprised by rebounding back into positive y/y territory.
• After outperforming strongly in recent sessions, the Korean won rally has paused. It is the weakest performer in EM Asia FX so far today. After opening sub 1300, we sit back near 1307/08 for the 1 month USD/KRW NDF, 0.75% down in won terms. Spot is back near 1310, 1% weaker. Onshore equity indices are down near 3% at this stage, giving back around half of yesterday's gains. Sentiment has been tempered by higher US yields, while significant short covered was reported yesterday post the short selling ban.
• USD/PHP has spent much of the session gravitating higher. The pair was last near 56.26, around 0.60% weaker in PHP terms. Recent lows rest just under 55.80. Weaker than expected Oct inflation data has reduced the likelihood of a further BSP hike later this month.
• The Ringgit is trimming some of its post-NFP gains on Tuesday, the move higher in USD/MYR has been observed alongside an uptick in US Tsy Yields in the NY session yesterday. USD/MYR prints at 4.6660/90, the pair is ~0.6% higher today.
• The SGD NEER (per Goldman Sachs estimates) is sitting a touch off yesterday's cycle highs, the measure is little changed in early dealing today. We sit ~0.3% below the top of the band. USD/SGD is holding below the 200-Day EMA ($1.3640) for now, the pair broke below the measure yesterday as broader USD trends continue to dominate flows. Due this evening is October Foreign Reserves, there is no estimate and the prior read was $337.40bn. The release rounds off the week's docket.
• USD/THB sits close to unchanged, last near 35.50. This is outperforming stronger USD trends elsewhere. Local equities are only down modestly. A government official also stated the authorities plan more easing policies to boost growth. The government needs to inject cash to revive economic growth (see this BBG link for more details).