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ASIA FX: KRW Steady After Yoon's Arrest, USD/IDR Higher, BI Seen On Hold

ASIA FX
BulletEM BulletAPACEmerging Market News

Asian FX moves haven't been large, as markets await the US CPI print later. The majors have mostly been steady, although yen is gaining ground this afternoon as speculation heats up of a rate hike next week. Regional equity trends have been mixed, China/HK markets weaker in the first part of trade, although only a fraction of yesterday's gains have been given back so far. 

  • USD/CNH has remained very steady, the pair holding under 7.3500, while USD/CNY is remaining above 7.3300 for now. Rhetoric continues from the authorities around keeping the yuan stable and supporting local equities.
  • We have seen a lot of headlines around former South Korean President Yoon's arrest, but little market impact. Spot USD/KRW was last just under 1460, slightly firmer in won terms for the session. Earlier data showed a spike in the unemployment rate, which should add the case for a BoK cut tomorrow.
  • USD/TWD has risen back above 33.00, but remains sub recent highs. Taiwan equities are down over 1%. Headlines crossed from BBG of further restrictions on TSMC chip flows to China.
  • USD/IDR has tested above 16300 but found selling interest. The trade surplus was lower than forecast amid slowing export growth. The BI is expected to remain on hold later.
  • In SEA FX elsewhere, aggregate moves are quite muted.
  • USD/INR is lower, off recent highs and back sub 86.50. 
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Asian FX moves haven't been large, as markets await the US CPI print later. The majors have mostly been steady, although yen is gaining ground this afternoon as speculation heats up of a rate hike next week. Regional equity trends have been mixed, China/HK markets weaker in the first part of trade, although only a fraction of yesterday's gains have been given back so far. 

  • USD/CNH has remained very steady, the pair holding under 7.3500, while USD/CNY is remaining above 7.3300 for now. Rhetoric continues from the authorities around keeping the yuan stable and supporting local equities.
  • We have seen a lot of headlines around former South Korean President Yoon's arrest, but little market impact. Spot USD/KRW was last just under 1460, slightly firmer in won terms for the session. Earlier data showed a spike in the unemployment rate, which should add the case for a BoK cut tomorrow.
  • USD/TWD has risen back above 33.00, but remains sub recent highs. Taiwan equities are down over 1%. Headlines crossed from BBG of further restrictions on TSMC chip flows to China.
  • USD/IDR has tested above 16300 but found selling interest. The trade surplus was lower than forecast amid slowing export growth. The BI is expected to remain on hold later.
  • In SEA FX elsewhere, aggregate moves are quite muted.
  • USD/INR is lower, off recent highs and back sub 86.50.