Mostly Firmer USD, USD/KRW Hits Fresh YTD Highs

USD/Asia pairs are mostly on the front foot through the first part of the Monday session. USD/KRW has hit fresh YTD highs, while USD/CNH is through recent highs, last above 6.9100. PHP has outperformed somewhat, as onshore markets return from Friday's holiday. Still to come today is Taiwan unemployment, IP and money supply figures for March. Tomorrow, Q1 GDP for South Korea prints, while Malaysia markets return. Indonesian markets remain closed until Wednesday.

• USD/CNH got through last Wednesday's highs above 6.9100, touching 6.9129. We sit just below these levels currently. The CNY fixing was neutral, while onshore equities remain weak, albeit posting a more modest loss so far today compared to Friday's session. Northbound stock connect flows are negative for the second straight session.
• Spot USD/KRW has gotten to fresh YTD highs, last in the 1336/37 region. +0.60% above closing levels from the end of last week. Onshore equities continue to unwind recent gains (Kospi -0.85% today), while offshore investors have returned as net sellers (-$139.6mn). USD/KRW is comfortably above its 200-day MA, which sits under 1325. Note President Yoon's trip to the US kicks off this today.
• USD/THB has gravitated higher, although has found some selling interest above 34.50. Moves above 34.50 or towards this region have generally been faded by the market going back to mid-March. Note the 100-day EMA is nearby, around 34.53. A modestly firmer USD backdrop, coupled with lack of portfolio inflow momentum remain headwinds for the baht. A host of comments from the BoT Governor have hit the wires. They look to be in line with previous commentary around the inflation, growth and tourism outlooks for 2023. The Governor also noted that monetary policy decisions are data dependent, although the focus should remain on financial stability and normalizing conditions.
• In Singapore, March CPI came in as expected for headline, +5.5% (6.3% prior), while core was a touch below expectations (5.0% y/y, 5.1% forecast, 5.5% prior). USD/SGD is higher at 1.3360/65, in line with broader USD gains. This is also in line with Friday highs. The SGD NEER is slightly lower, last -1.09% from the top end of the band per Goldman Sachs estimates.
• USD/PHP is under 56.00, after onshore markets return from holidays. Local equities are outperforming, up 0.72%. We remain well-below highs from early last Thursday near 56.40 for USD/PHP.