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Free AccessWon Outperforms, INR To Record Lows
Most USD/Asia pairs are higher today, albeit to varying degrees, as equity sentiment has turned less supportive. The won has outperformed by a modest margin, as has MYR. INR has fallen to a record low, while IDR has also weakened.
- CNH: USD/CNH has tracked a tight range today, wedged between 6.6900 and 6.7000 for most of the session. The CNY fixing came in slightly weaker than expected, while the 5-day rolling sum of the error terms is leaning modestly against CNY strength. China/HK were weaker, although have moved away from worst levels.
- KRW: USD/KRW tried to go lower in early trade but found support at 1283, as equity sentiment softened. The Kospi is still higher at this stage, while onshore tech shares are lower though. The 1 month NDF last traded above 1285. We have seen modest won outperformance on the day.
- INR: USD/INR has risen to fresh record highs today. In the first chunk of onshore trading, the pair is up 0.4% to 78.64. The rebound in oil prices is clearly not helping. Onshore equities are weaker (-0.60%), while longer tenor bond yields are picking up.
- IDR: Spot USD/IDR last trades +42.5 figs at IDR14,845, with domestic headline flow providing little of real note. Onshore equities are lower, while firmer core US/EU yields from overnight have probably weighed at the margin as well. Looking ahead, the main point of note this week is the CPI report, due for release on Friday.
- MYR: USD/MYR is back below 4.4000, higher oil prices helping. S&P affirmed Malaysia's sovereign credit ratings but raised the outlook to stable (from negative), citing expectations that the nation's "steady growth momentum and strong external position will hold over the next two years."
- THB: USD/THB is slightly higher today, currently back above 35.35. Monday's comments from the BoT analyst meeting have had little follow-through in terms of baht price action today, even as the Bank reaffirmed its messaging pointing to an imminent rate rise. The Customs Department is expected to release monthly trade figures this week, the data may hit the wires at any point from now.
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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.