Most USD/Asia Pairs Push Higher

Most USD/Asia pairs are higher today, defying softer USD sentiment against the majors. Weaker data has weighed on THB, while an earthquake in the Philippines has seen USD/PHP rebound. USD/KRW is higher as well with local equities weaker. CNH and SGD FX have outperformed.

• CNH: USD/CNH has crept higher today, but continues to find resistance above 6.7700 for now. Onshore equities have faltered somewhat, with a fresh lockdown in Wuhan and restrictions on the manufacturing hub Shenzhen weighing at the margin. The pair was last at 6.7660.
• KRW: USD/KRW has edged higher on weaker equities and a sharp drop in domestic consumer sentiment. The pair is back close to 1314, with recent selling interest above 1315 potentially tested during the offshore session.
• INR: Spot USD/INR remains well behaved and within recent ranges. We are higher today but still sub 79.90. Futures expiry takes place today, which disrupted markets back in June, as spot USD demand came to market. Implied vol remains fairly modest at just above 5%, although we were at similar levels this time last month.
• PHP: The Philippine peso has given away some of its post-SONA gains as a strong earthquake struck the archipelagic country this morning. We are last at 55.80, +0.86% above yesterday's closing levels. Local equities are also lower, down over 0.7% at this stage.
• THB: Baht weakness has deepened as initial rounds of local data crossed the wires, undershooting market expectations. Thailand's trade deficit was $1.529bn in June versus BBG median estimate of $1.316bn, according to data from the Customs Department. Manufacturing output shrank 0.08% Y/Y in June, defying expectations of a 0.50% expansion. USD/THB last traded at 36.835, +0.40% for the session.