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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.
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MNI: PBOC Sets Yuan Parity Lower At 7.1027 Mon; +2.85% Y/Y
USD/Asia Pairs Mixed, Awaiting Central Bank Decisions
USD/Asia pairs have been mixed, PHP and IDR are relatively steady ahead of central bank decisions later today. CNH remains resilient, while KRW has weakened past 1300.
- CNH: USD/CNH has been range bound today. Dips sub 6.7100 have been supported, but we haven't pushed above 6.7200. The CNY fixing was close to neutral, while China/HK equities continue to outperform. Fresh stimulus hopes, as President Xi has pushed for China to meet its 2022 economic goals, is helping sentiment.
- KRW: USD/KRW spot pushed above 1300 fresh highs going back to 2009. The Finance Ministry stated that will stabilize FX markets if needed, but this didn't impact won sentiment a great deal. The Kospi is weaker, while offshore investors have sold a further $180mn of local equities. The 1 month NDF is back above 1300, but below overnight highs of 1304.5.
- INR: Spot USD/INR is lower in early trade, back to a 78.25 handle, after closing yesterday near 78.40. A further dip in oil prices is helping, while onshore equities are +1% higher at this stage. The 1 month NDF is around 78.45, after trading above 78.55 yesterday.
- IDR: USD/IDR is down slightly in spot terms to just below 14838, while the 1 month NDF is slightly higher at 14853. The market awaits the BI decision, although no change is expected at this stage.
- PHP: An early USD/PHP dip has largely reversed, with the pair back up to 54.48 from sub 54.40. We retain our call for a 25bps hike at today's BSP meeting. The peso has not received much benefit from lower oil prices, perhaps that will come post BSP.
- THB: USD/THB is down slightly from recent highs, we touched 35.325, but sit back at 35.43 now. A former finance minister stated the BoT outlook needs to turn more hawkish to aid the baht. Fitch affirmed Thailand's sovereign credit rating at BBB+ with a stable outlook, citing the nation's "sustained external finance strengths and strong macroeconomic policy framework."
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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.