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Asian FX has been mixed today. Dips in USD/CNH and USD/KRW have been supported, while USD/PHP has played some catch-up after markets were closed yesterday. THB and SGD FX have fared better though, along with the high yielders.
- CNH: We had an even larger CNY fixing surprise today (-249pips in USD/CNY terms). USD/CNH dipped initially, but we couldn't get beyond 6.9050. We moved back above 6.9200, but remain below yesterday's highs above 6.9300. The market bias remains to buy USD/CNH dips post the fixing. China equities have underperformed, while onshore commodity prices are also down, adding to the bearish mood.
- KRW: Korean equities have rebounded, but this hasn't aided the won to any great degree. The pair remains within recent ranges, in line with USD/CNH moves. USD/KRW hasn't breached the 1350 level today though. The government plans to lower fiscal spending next year, with projections today indicating a 6% reduction on total 2022 outlays.
- INR: USD/INR is back sub 80.00, with the pair last tracking just under 79.80. Onshore equities are higher, shrugging off the continued move higher in Brent crude prices.
- SGD: USD/SGD struggled to make much headway beyond Aug 23/one-month high of SGD1.4003 and gave back the bulk of its initial gains on Monday. Singapore's Ministry of Manpower announced an overhaul of visa rules to attract foreign workers and alleviate the current tightness of domestic labour market.
- PHP: Spot USD/PHP deals +0.26 at PHP56.288 as onshore Philippine markets re-open after a holiday. A break above Aug 23 high of PHP56.338 would shift focus to record highs at PHP56.500. Philippine bank lending data may hit the wires in the coming days, with S&P Global M'fing PMI coming up Thursday.
- THB: Spot USD/THB changes hands -0.06 at THB36.402, consolidating gains registered Monday as the pair gapped higher at the start to the week. There's a wealth of data coming up tomorrow, including manufacturing production index, BoP current account balance & trade data. Later this week, S&P Global M'fing PMI & Business Sentiment Index will hit the wires on Thursday.
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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.