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ASIA FX: KRW and CNH Edge Weaker, BoK's Rhee States Vol Should Come Down

ASIA FX
BulletEM BulletAPACEmerging Market News

CNH and KRW have lost a little ground in the first part of Thursday trade, but remain within recent ranges. Spot USD/KRW was last near 1416, up close to 0.20%. Note intra-session highs from Wednesday's session were around the 1418 level. 

  • Earlier today we had Q3 GDP revisions for South Korea, which were unchanged. Focus remains firmly on the domestic political outlook. President Yoon has replaced the Defence Minister, while the leader of the PPP (Yoon's party) said they will aim to prevent the impeachment bill form passing. The opposition party is looking to hold the vote this Saturday.
  • The authorities remained on the news wires and can support all markets in terms of bonds, equities and FX. BoK Governor Rhee stated that volatility is likely to ease gradually and that bond purchases does not amount to QE.
  • USD/CNH has edged back above 7.2800. The CNY fixing error was slightly tighter, but is down sub 7.1900. Local equities are down slightly. Onshore state media warned against chasing growth blindly. This comes ahead of next week's economic meeting.
  • Spot USD/TWD is close to unchanged, last in the 32.40/45. Recent highs were at 32.67, earlier this month. 
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CNH and KRW have lost a little ground in the first part of Thursday trade, but remain within recent ranges. Spot USD/KRW was last near 1416, up close to 0.20%. Note intra-session highs from Wednesday's session were around the 1418 level. 

  • Earlier today we had Q3 GDP revisions for South Korea, which were unchanged. Focus remains firmly on the domestic political outlook. President Yoon has replaced the Defence Minister, while the leader of the PPP (Yoon's party) said they will aim to prevent the impeachment bill form passing. The opposition party is looking to hold the vote this Saturday.
  • The authorities remained on the news wires and can support all markets in terms of bonds, equities and FX. BoK Governor Rhee stated that volatility is likely to ease gradually and that bond purchases does not amount to QE.
  • USD/CNH has edged back above 7.2800. The CNY fixing error was slightly tighter, but is down sub 7.1900. Local equities are down slightly. Onshore state media warned against chasing growth blindly. This comes ahead of next week's economic meeting.
  • Spot USD/TWD is close to unchanged, last in the 32.40/45. Recent highs were at 32.67, earlier this month.