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ASIA FX

Mixed performances for USD/Asia pairs today. China PMI beat boosts CNH, but we remain within recent ranges. USD/KRW posts fresh cyclical high before dipping. THB unwinds recent bounce, as China's Xi sticks with Covid zero strategy. PHP bounces on more hawkish BSP rhetoric.

  • CNH: USD/CNH is back below 6.7000, as we saw a sharp bounce in the non-manufacturing PMI, 54.7 versus 50.5 expected. China equities have outperformed, up over 1%, with the rest of the region mixed. The CNY fixing was weaker than expected, but only modestly.
  • KRW: USD/KRW spiked to fresh cyclical highs above 1303, before the China PMI data helped push us back sub 1300. There hasn't been a great deal of follow through though, as onshore equities remain down just over 1%. Offshore investors have sold a further $287.1mn in local equities today.
  • INR: The rupee has been fairly steady in early trade, holding above 78.90 for the most part. Onshore equities are firmer by around 0.40% at this stage, while lower crude is helping at the margin. The focus remains on a break above 79.00.
  • IDR: Spot USD/IDR deals +28 figs at IDR14,878 as we type, extending this week's advance. New regulations are in store for Indonesia's commodity space. The government announced that it will seek to manage exports to prevent tin oversupply and wants to set progressive rates for coal royalty. The local data docket is virtually empty today, with monthly CPI coming up tomorrow.
  • PHP: USD/PHP has dropped sharply, falling close to 0.50% to be back at 54.835. Incoming BSP Governor Medalla told reporters Wednesday that the central bank "would clearly consider increasing policy rates by more than our planned 25bp" if it sees "that the exchange rate is overshooting too much, and that selling foreign exchange will not make the problem go away."
  • THB: Baht has fallen 0.3% from yesterday's closing levels, pushing USD/THB back above 35.30. The rate has now unwound its losses posted on Tuesday in reaction to the news re: China loosening border controls. Chinese President Xi yesterday lauded his flagship dynamic Zero-COVID strategy. His hard-line stance bodes ill for the recovery of Thailand's tourism industry, China being the largest pre-pandemic contributor of foreign visitors.

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