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Most USD/Asia Pairs Higher On Broader Dollar Gains, Equity Weakness

ASIA FX
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USD/Asia pairs are mostly higher. KRW and THB spot weakness has again been evident. USD/CNH has been unable to move above the 7.2600 level in any convincing fashion. Regional equity sentiment is mostly weaker, while the USD is higher against the majors, which have been headwinds for Asia FX. Next week we have China industrial profits on Monday, while official PMI prints are out on Friday. India GDP also prints on Friday next week.

  • USD/CNH has been very steady, the pair unable to build on an earlier breach above 7.2600. Onshore USD/CNY spot is around 7.2450, so slightly weaker in yuan terms for the session. This leaves us at marginal fresh highs for May. Yield differentials remained skewed in favor of the USD local equities continue to weaker, with property and tech names weaker.
  • 1 month USD/KRW has pushed higher, getting above 1369 before selling interest emerged. May 13 highs rest near 1371, beyond that lies earlier May highs north of 1380. Weaker onshore and regional equities have weighed on the won today. Onshore spot is off around 0.60%, last near 1370.
  • USD/THB has continued to gravitate higher, playing catch up with recent USD gains. We were last around 36.70/75, with upside focus on a potential retest of the 37.00 level. We couldn't sustain moves above this level through late April/early May.
  • Malaysia CPI was close to expected and remains sub 2% y/y. USD/MYR has risen back to 4.7200 today, around 0.30% weaker in MY terms. Outside of broader USD trends, the softness in oil/commodity prices is likely weighing at the margins for MYR.
  • Indonesian markets remain closed today.
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USD/Asia pairs are mostly higher. KRW and THB spot weakness has again been evident. USD/CNH has been unable to move above the 7.2600 level in any convincing fashion. Regional equity sentiment is mostly weaker, while the USD is higher against the majors, which have been headwinds for Asia FX. Next week we have China industrial profits on Monday, while official PMI prints are out on Friday. India GDP also prints on Friday next week.

  • USD/CNH has been very steady, the pair unable to build on an earlier breach above 7.2600. Onshore USD/CNY spot is around 7.2450, so slightly weaker in yuan terms for the session. This leaves us at marginal fresh highs for May. Yield differentials remained skewed in favor of the USD local equities continue to weaker, with property and tech names weaker.
  • 1 month USD/KRW has pushed higher, getting above 1369 before selling interest emerged. May 13 highs rest near 1371, beyond that lies earlier May highs north of 1380. Weaker onshore and regional equities have weighed on the won today. Onshore spot is off around 0.60%, last near 1370.
  • USD/THB has continued to gravitate higher, playing catch up with recent USD gains. We were last around 36.70/75, with upside focus on a potential retest of the 37.00 level. We couldn't sustain moves above this level through late April/early May.
  • Malaysia CPI was close to expected and remains sub 2% y/y. USD/MYR has risen back to 4.7200 today, around 0.30% weaker in MY terms. Outside of broader USD trends, the softness in oil/commodity prices is likely weighing at the margins for MYR.
  • Indonesian markets remain closed today.