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Fresh Highs In USD/CNH Weighs On Regional FX Sentiment

ASIA FX

Initially, some USD/Asia pairs were weaker, in line with softer US yields and some positive regional equity market trends. However, the USD saw fresh support as USD/CNH broke to fresh highs. Only USD/TWD is down for the session at this stage. Tomorrow the focus is likely to rest on China manufacturing PMIs.

  • After breaking above 7.1000, USD/CNH got to a fresh highs of 7.1073. The CNY fixing was neutral, but on-going equity market weakness remains a constraint. The CSI 300 is at fresh YTD lows sub 3800, while the HS China Enterprise Index is in bear market territory, off 20% from Jan highs.
  • 1 month USD/KRW traded weaker in the first part of trade, but couldn't sustain lower levels. We got to 1315.75, but now sit back at 1322/23 due to higher USD/CNH levels. Onshore equities are still higher, as markets play catch up after being closed yesterday. The Kospi sits 1% higher and offshore investors have added $473.1mn so far to local shares.
  • USD/TWD is still lower for the session, last 30.61/62, but we sit slightly higher from earlier lows around 30.53/54.
  • SEA FX is mostly weaker. USD/PHP has rebounded, pushing up to fresh highs near 56.40, +0.40% firmer for the session. This is very close to previous YTD highs. USD/THB has rebounded, back to 34.82, although we remain below yesterday's highs.
  • In the high yield space, USD/IDR is relatively steady, last around 14970, while USD/INR is a touch higher, last 82.70/75, but is maintaining a lower beta with respect to moves elsewhere in the region.
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