Most USD/Asia Pairs Rise, India CPI Prints Later

USD/Asia pairs are mostly higher in the first part of Monday trade. KRW, THB and PHP have been the weakest performers. Weaker equity sentiment and higher USD/JPY levels have weighed on local FX sentiment. Still to come today is Oct CPI in India. Tomorrow, South Korean trade prices are first up, followed by India wholesale prices later. We are also still waiting for China aggregate finance/new loans data.

• USD/CNH has tracked recent ranges. We saw a brief dip sub 7.3000, but we quickly recovered from there. Sentiment was aided by BBG headlines that China may unveil a Boeing order this week, showing a further potential thawing in US-China tensions. There was no follow through and we sit back near 7.3100 in recent dealings.
• 1 month USD/KRW has risen to fresh highs, going back to earlier Nov. We last tracked at 1322 (earlier highs were near 1323). This is a won loss of 0.45%. Onshore equities gave back all of the 1.1% bounce at the open. Weaker US futures have weighed, while offshore investors have been net sellers of local stocks (-$78.3mn). Higher USD/JPY levels will also be a factor. Earlier data suggested the export recovery has continued in Nov.
• The Rupee has opened dealing a touch firmer than Friday's closing levels, USD/INR is down ~0.05% last printing at 83.29/30. On Friday the pair printed a fresh cycle high, an outage on the Refinitiv FX trading platform (reported by Bloomberg) saw liquidity impacted and the Rupee was pressured before losses were pared as the issue was resolved. Due this evening is October CPI, which is expected to tick lower into the RBI's target band at 4.80%. Tomorrow October Wholesale Prices crosses and due before close of business on Wednesday is October Trade Balance.
• USD/THB is sitting at session highs, last near 36.13. This is 0.65% weaker in baht terms versus Friday closing levels near 35.89. This puts us back above all key EMAs, with the 20-day nearest at 35.98. Moves above this resistance point have drawn selling interest since mid-October. Earlier Nov highs came in 36.335. The baht is underperforming broader USD trends, with dollar indices broadly flat over the past few sessions. Domestic focus remains on the new government's digital wallet plan, which was unveiled late on Friday. 50 million Thailand residents will get 10,000 baht each, with the 500bn baht program to be funded by a one-time borrowing. BoT has opposed the program.
• The SGD NEER (per Goldman Sachs estimates) is marginally firmer this morning, the measure sits well within recent ranges. We sit ~0.4% below the top of the band. USD/SGD sits a touch above the $1.36 handle, ranges have been narrow in recent dealing as the pair struggles to follow through on moves as $1.36 is proving sticky. Friday's October Non-Oil and Electronic Exports are the only releases of note this week.
• USD/MYR tested the 20-Day EMA (4.7236) on Friday before paring gains to finish dealing at 4.7087. A reminder rising US Yields weighed on the Ringgit through the Asian session. On Monday Malaysian markets are closed for the observance of a national holiday and will reopen tomorrow. Looking ahead; the docket is empty until Friday's Q3 GDP print, a rise of 3.1Y Y/Y is expected, a downtick from the prior reading of 3.3%.
• USD/PHP is higher, last above 56.12. This is 0.30% weaker in PHP terms for the session. Recent dips in the pair sub 56.00 have found USD support. The main event risk this week is the BSP decision on Thursday. No change is expected.