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ASIA FX: Mostly Higher Against the USD, Won Firms On Reports NPS Is Hedging

ASIA FX
BulletEM BulletAPACEmerging Market News

Asian currencies have mostly traded on the front foot against the USD, in line with softness for the dollar against the majors (USD BBDXY index down 0.25% to 1316.5). Regional equity market sentiment has been more positive, although stronger gains have been evident for China/HK markets. US yields have ticked down by a little over 1bps. 

  • USD/CNH got to lows of 7.3342 in early trade, on BBG headlines Trump economic advisers were considering/studying a gradual tariff hike approach. This reportedly hasn't been present to incoming President Trump yet. The pair sits back near 7.3470 in latest dealings. USD/CNY spot is a touch lower but still above the 7.3300 level at this stage. Onshore equities are notably higher, the above tariff story helping, along with regulators saying they will support markets further.
  • The won is an outperformer, up 0.45%, but at 1461, USD/KRW remains within recent ranges. Headlines crossed earlier that the National Pension Service was selling USDs as part of its strategic hedging program. BBG stated late last year, such flows could emerge if USD/KRW sustained above the 1450 level (see this link for more details). Spot USD/TWD is little changed, holding near 33.09.
  • In SEA FX markets, we are seeing softer USD trends to various degrees. THB is up around 0.25%last near 34.70. We had Dec consumer confidence figures earlier, which continued to tick higher, but we remain sub 2024 highs.
  • USD/IDR is slightly lower at 16265. Tomorrow the BI meets and we expect it to remain on hold due to recent FX weakness.
  • PHP is up around 0.30% to 58.55/60, while USD/MYR is down 0.20%, to be last near 4.5000. 
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Asian currencies have mostly traded on the front foot against the USD, in line with softness for the dollar against the majors (USD BBDXY index down 0.25% to 1316.5). Regional equity market sentiment has been more positive, although stronger gains have been evident for China/HK markets. US yields have ticked down by a little over 1bps. 

  • USD/CNH got to lows of 7.3342 in early trade, on BBG headlines Trump economic advisers were considering/studying a gradual tariff hike approach. This reportedly hasn't been present to incoming President Trump yet. The pair sits back near 7.3470 in latest dealings. USD/CNY spot is a touch lower but still above the 7.3300 level at this stage. Onshore equities are notably higher, the above tariff story helping, along with regulators saying they will support markets further.
  • The won is an outperformer, up 0.45%, but at 1461, USD/KRW remains within recent ranges. Headlines crossed earlier that the National Pension Service was selling USDs as part of its strategic hedging program. BBG stated late last year, such flows could emerge if USD/KRW sustained above the 1450 level (see this link for more details). Spot USD/TWD is little changed, holding near 33.09.
  • In SEA FX markets, we are seeing softer USD trends to various degrees. THB is up around 0.25%last near 34.70. We had Dec consumer confidence figures earlier, which continued to tick higher, but we remain sub 2024 highs.
  • USD/IDR is slightly lower at 16265. Tomorrow the BI meets and we expect it to remain on hold due to recent FX weakness.
  • PHP is up around 0.30% to 58.55/60, while USD/MYR is down 0.20%, to be last near 4.5000.