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Limited Spill Over From Higher CNH Levels To Other Asian FX So Far


Spill over from stronger CNH levels is evident for other Asia FX, but moves are fairly modest at this stage. CNH gains have stabilised somewhat, which may have curtailed the spill over to some degree.

  • Only PHP is matching percentage CNH gains at this stage. USD/PHP is back under 54.60, around 0.35% firmer versus closing levels from last Friday (FX markets were closed onshore yesterday).
  • 1 month USD/KRW is back to 1278.00/50, earlier highs were around 1283, but current levels are little changed from Monday NY closing levels.
  • Spot USD/TWD dipped to 31.32, but sits back above 31.345 now, only modestly firmer in TWD terms so far.
  • USD/IDR is back to 15000/05 but is only ~0.10% firmer in IDR terms for the session.
  • USD/SGD is near 1.3300, while USD/THB is holding above 34.50 at this stage, with dips sub this level not being sustained. On-going local political uncertainty may be weighing at the margins on baht.

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