Greenback Gyrations Drive Most USD/Asia Crosses, Yuan Shows Resilience

Friday's risk-off feel provided the initial impulse as onshore Asian markets reopened after the weekend. This early impetus dissipated through the session, with most USD/Asia crosses trimming initial gains.

• CNH: Spot USD/CNH went offered even as the DXY edged higher. Some may have seen a softer than expected yuan fixing as a signal that the PBOC are uncomfortable with redback strength, but offshore yuan was unfazed. Likewise, the currency shrugged off reports noting that China's FX panel urged banks to curb speculative trading.
• KRW: Spot USD/KRW punched through the KRW1,190.00 mark for the first time since Oct 14, but pared gains thereafter. South Korea's daily shipments continued to grow at a two-digit pace during the first 20 days of November.
• IDR: Spot USD/IDR leapt higher. Econ Min Hartarto said that the gov't sees GDP growth at +4.0% Y/Y this year and +5.2% in 2022.
• MYR: Spot USD/MYR reopened above its 100-DMA and remained above that moving average despite trimming gains. The UMNO-led Barisan Nasional alliance secured a landslide victory in Melaka state poll, sparking speculation that Malaysia could see an earlier general election.
• PHP: Spot USD/PHP punched through its 50-DMA, posting a fresh monthly high. The peso was the worst performer in Asia.
• THB: The baht softened even as Thailand's FinMin unveiled more optimistic growth forecasts for this year and the next. Elsewhere, Thailand's trade balance unexpectedly flipped to a deficit of $370bn in October from a surplus of $610mn.