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Firmer, KRW & TWD Leading, CNH Lagging

ASIA FX

The early tone to Asia FX is a positive one, with some positive spill over from the majors. KRW and TWD are among the strongest performers. USD/KRW is back to 1319/20 spot, around 0.40% firmer in won terms versus closing levels from last Friday. The 1 month NDF has gotten close sub 1316, but hasn't been to test 1315 yet, the pair last 1317/18.

  • Onshore Korean equities are higher, the Kospi nearly +1% as markets return from yesterday's break. Offshore investors have added $216.7mn to local equities so far.
  • USD/TWD is also tracking lwoer, spot back to 30.55, around 0.30% firmer in TWD's terms versus yesterday's close. The Taiex is just in positive territory, but we may be seeing some positive spill over from yesterday's large $1039.7mn in offshore equity inflows.
  • USD/CNH is lagging somewhat, unable to sustain moves sub 7.0800 (last around 7.0850), while onshore spot is holding above 7.07.
  • USD/THB is weaker, back to 34.65, comfortably off highs from yesterday near 34.90. USD/IDR is lower, but has seen some support sub 14950, last 14958.

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