MNI: PBOC Injects Net CNY40 Bln Via OMO Mon; Rates Unchanged

CHINA PBOC INJECTS CNY50 BILLION VIA 7-DAY REVERSE REPOS MON

MNI: PBOC Sets Yuan Parity Lower At 7.0996 Mon; -5.53% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.0996 MON VS 7.1004

MNI EM China Daily Summary: Friday, March 22

MNI China Press Digest Mar 22: Autos, Local Gov, Real-Estate

Bond Supply Calendar: Long BoE APF Sales on Monday

MNI: BAKER HUGHES US RIG COUNT 624; OIL RIGS 509; GAS RIGS 112

EZ/UK T-Bill Calendar: Germany, France Auction Monday

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

USD/Asia Higher As USD/JPY Soars

ASIA FX

USD/Asia pairs have tracked higher today, gains have been seen across the board. KRW, TWD and THB have seen the largest falls against the USD.

  • CNH: USD/CNH is higher, pushing back above 6.6700, around +0.20% above the NY close. Sentiment around the economy continues to improve, while onshore analysts also believe the worst of the CNY depreciation is behind us. Resilience of China equities and higher CGB yields is also helping outperformance against safe havens.
  • KRW: Spot USD/KRW has played catch up today as markets re-opened. We are up more than 1.2% to 1258, while the 1 month NDF is slightly higher. Onshore equities have underperformed, down close to 1.4%. The USD/JPY move will have aided won weakness today.
  • INR: USD/INR is attempting to break high, with spot opening above 77.70. A broadly stronger USD backdrop and still elevated oil prices is not helping sentiment. Tomorrow the RBI is expected to hike by 50bps.
  • IDR: Spot USD/IDR trades +14 figs at IDR14,466, with bulls looking to a swing past May 31 high of IDR14,598 before targeting May 20 & 23 highs of IDR14,678.
  • MYR: Spot USD/MYR turns bid as local markets re-open after a holiday. A clean break above May 26 high of MYR4.4012 would encourage bulls to set their sights on MYR4.4085, the high print of May 19. We currently trade 4.3980. Looking ahead, Malaysia's industrial output will be out on Friday.
  • PHP: Spot USD/PHP is back above 52.93. Consumer prices quickened to +5.4% Y/Y in May from +4.9% recorded in April, matching consensus forecast and reaching the fastest pace since November 2018. BSP Gov Diokno said CPI is expected to settle above the +2.0-4.0% Y/Y target range this year, while risks lean to the upside for both 2022 and 2023.
  • THB: USD/THB is +0.48% higher on the day. We sit just above 34.47. Tomorrow's BoT meeting is expected to deliver no change, but price pressures are building. BoT will be on watch for second-round price effects after yesterday's much stronger than expected inflation print.
EM BulletHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletEmerging Markets News

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.