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Free AccessADXY Index Challenging 2020 Lows
Asian FX is weaker across the board, with the J.P. Morgan ADXY Index now close to 2020 lows, see the chart below. USD/CNH is just under 6.9300, while spot USD/KRW is at 1350. Broad based USD strength continues, fuelled by higher yields and weaker regional equity market sentiment.
- CNH: USD/CNH was pressing higher in early trade amidst broad USD strength against the majors. We got through 6.9000 and then 6.9200 not long after. There was a slight pause in the lead up to the CNY fixing, which was once again on the strong side of expectations (nearly 100 pips), but this support didn't last. The pair got through 6.9300, before settling back below this level, which is where we currently sit. China equities have modestly outperformed the broader sell-off elsewhere in the region.
- KRW: Spot USD/KRW sits at 1350 currently, which is +1.35% above closing levels from last week. Weakness in onshore equities has not helped, while rhetoric from the South Korean authorities around one-sided FX moves has also done little to stem USD buying pressure today.
- INR: USD/INR has pushed to new record highs above 80.00. We opened around 80.10/15 before drifting a little lower. Equities slumped at the open, but have pared losses now (still down -1.3%). India's data calendar swings back into gear this week, with Q2 GDP out on Wednesday.
- SGD: USD/SGD broke above 1.4000 in early trade but is now back below this level. We have seen modest SGD FX outperformance, which has helped the NEER edged higher. According to the Goldman Sach's estimate we aren't too far away from recent highs (just under 132.50 for the NEER).
- THB: Baht gapped lower at the open and hasn't found much traction since. USD/THB is close to 36.43, over 1% higher on closing levels form last week. Onshore equities are down 1.3% at this stage, in line with the region trend.
- MYR: Malaysian CPI, for July, came out in line with market expectations, at +4.4% YoY. We are almost back at 2021 highs. Transport and food were the main sources of inflation pressure. USD/MYR has managed to avoid fresh cyclical highs. The pair has stopped short of a move through 4.4900 for now (last at 4.4893).
Y Index Close To 2020 Lows
Source: J.P. Morgan/Bloomberg/MNI/Market News/Bloomberg
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Why MNI
MNI is the leading provider
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