Early Impetus To The Topside For USD/Asia Pairs
The early impetus in USD/Asia (for markets which are open) is to the topside. USD/CNH is back above 7.1400, around +0.20% above NY closing levels from the end of last week. Covid related headwinds (see this link) is weighing on sentiment, amid fears of further curbs/restrictions in major cities.
- USD/KRW 1 month is around +0.55% higher so far, pushing back to 1347. Weaker export growth for the first 20-days of November likely not helping sentiment. The Kospi is down in the first part of trading as well, -0.95% at this stage.
- USD/MYR has pushed higher. Spot is back above 4.58, +0.60% on closing levels from last Thursday (as markets were closed on Friday for the election). The hung parliament has increased uncertainty around the domestic backdrop.