Most Asian FX Down on Broad Based USD Strength

Asian FX has lost ground today, although KRW and TWD have outperformed the region and broader USD strength.

• CNH: USD/CNH is modestly higher today in line with broad based USD strength. We are down from intra-day highs of above 6.6900, as China PMI prints came out better than expected, while further stimulus was also announced by China's cabinet. Last trading at 6.6770.
• KRW: Spot USD/KRW tracked as high as 1243 in early trade before renewed selling interest emerged. Local equities are higher, so too are China and Hong Kong stocks. This, along with firmer China PMI's has helped the won outperform today. Spot KRW and TWD are the only currencies in the region up against the USD today.
• INR: USD/INR has opened with a firmer tone, pushing back up to 77.65, which is close to recent highs. A stronger USD and Brent crude through $123/bbl are not helping. Q1 GDP is due later today.
• IDR: Spot USD/IDR has crept higher today, back up towards the 14600 level. This is in line with regional trends. CPI data and PMI prints on Thursday are the next major data focus points.
• PHP: Spot USD/PHP is back above 52.40, while the 1 month NDF is through 52.50. Topside focus falls on May 12 high of PHP52.850, while bears look for losses past May 23 low of PHP52.070.
• THB: USD/THB has rebounded from the low 34.00 region, +0.33% on the day to 34.19. BoP and trade figures for April are due out later today. PM Prayuth is preparing for a busy political season. Parliament will begin the first reading of the FY2023 budget bill today, while the opposition is planning to submit a censure motion on June 15.