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Some Negative Spillover From Weaker CNH Levels


Asian FX is generally weaker, in line with CNH softness, following the unexpected MLF cut. Onshore South Korean markets are closed today, but the 1 month USD/KRW NDF has nudged up to 1304 (+0.22% on closing levels from last week). USD/THB (+0.45% to 35.35) and USD/PHP (+0.40% to 55.84) are also higher - with firmer front end yields/higher DXY from late last week added to the mix. SGD is outperforming to a degree, with USD/CNH close to unchanged at 1.3710/15.

  • The better tone to China equities, which have recouped earlier losses after the MLF cut, may help stem USD gains.

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