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ASIA FX: Follow Through USD Weakness Short Lived In NEA

ASIA FX
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In North East Asia FX markets, FX trends are mixed, but seeing little change versus end Thursday levels in the US. 

  • Spot USD/CNH has gravitated higher, but only as far as 7.2850. This is below the 7.3250 region, which marked highs earlier in the week. Lack of downside in the pair, with dips sub 7.2700 supported, may have reflected the relatively steady CNY fixing. CNH bulls may have been looking for a firmer fixing outcome given USD losses on Thursday.
  • Spot USD/KRW has fallen, but has been able to test sub 1440. We were last near 1444, which has entirely reflected catch up to softer USD trends post Thursday's won close. Local equities continue to recover, the Kospi testing at fresh multi month highs.
  • Taiwan equities have faltered, but USD/TWD is little changed. Spot is holding close to 32.80. Taiwan will step up defence spending and boost investment and purchases from the US. This effort appears aimed at avoiding US trade/tariff action.  
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In North East Asia FX markets, FX trends are mixed, but seeing little change versus end Thursday levels in the US. 

  • Spot USD/CNH has gravitated higher, but only as far as 7.2850. This is below the 7.3250 region, which marked highs earlier in the week. Lack of downside in the pair, with dips sub 7.2700 supported, may have reflected the relatively steady CNY fixing. CNH bulls may have been looking for a firmer fixing outcome given USD losses on Thursday.
  • Spot USD/KRW has fallen, but has been able to test sub 1440. We were last near 1444, which has entirely reflected catch up to softer USD trends post Thursday's won close. Local equities continue to recover, the Kospi testing at fresh multi month highs.
  • Taiwan equities have faltered, but USD/TWD is little changed. Spot is holding close to 32.80. Taiwan will step up defence spending and boost investment and purchases from the US. This effort appears aimed at avoiding US trade/tariff action.