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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.
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