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Why MNI
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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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Free AccessMNI China Daily Summary: Friday, December 13
MNI US OPEN - UK Economy Contracts for Second Straight Month
KRW & IDR The Strongest Performers
KRW and IDR have been the best performers today. USD/IDR slipping back below 15000, while USD/KRW is threatening to test below the 1300 level. Other pairs have been quieter. CNH has underperformed USD weakness elsewhere and higher onshore equities.
- CNH: USD/CNH wasn't able to sustain a break below 6.7400. We sit back at 6.7460 now, little changed on the day, despite a weaker USD elsewhere, particularly against the yen. There have been further reports of support for the property sector which has aided a turnaround in the property equity sub index. Aggregate stock indices are also higher.
- KRW: In contrast, the won has outperformed, we are threatening to break back below 1300. Onshore equities are higher, and as we wrote earlier there is scope for offshore equity inflow momentum to recovery further. Early in the day business confidence continued to ease. The NPS has also engaged in some tactical hedging of overseas assets
- INR: USD/INR is tracking lower in early trade. The pair back to 79.75. Onshore equities are up by over 1% at this stage. Offshore investors could come back into the equity market after being net sellers earlier in the week.
- IDR: USD/IDR is down -44.5 figs to 14968. Lower US real yields post yesterday's FOMC have certainly aided IDR. Palm oil futures have extended gains in morning Kuala Lumpur trade as well. The most active contract last deals ~MYR142/MT higher on the day.
- PHP: The Peso has weakened a touch. The pair was last at 55.75, only 0.10% higher on the day. Onshore equites are up over 1.3%. Philippine authorities confirmed 4 deaths and 60 people wounded in a strong earthquake that shook the nation's largest island on Wednesday, triggering landslides and damaging buildings. The government said it was ready to disburse funds to affected areas, but saw no need to declare a state of national calamity.
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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.