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ASIA FX: NEA Currencies Lose Ground Against USD, But Recent Ranges Hold

ASIA FX
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North East Asia currencies are slightly weaker versus the USD, but remain comfortably within recent ranges. In contrast, South East Asian currencies have mostly firmed against the dollar, with some of this reflecting catch up from USD weakness on Friday (post onshore closes), while regional equity sentiment has mostly been positive today. 

  • USD/CNH is a little above 7.3030 in latest dealings, around 0.15% weaker in CNH terms. Earlier lows for the pair were at 7.2853. We are still above the 20-day EMA support point (last near 7.2740). Spot USD/CNY is also higher, but sub 7.3000 at this stage. Local equities are firmer, but the CSI 300 remains 4000 at this stage.
  • Spot USD/KRW has also traded with a positive bias as well, although has found selling interest above the 1450 level. We had better export data earlier (for the first 20-days of Dec), providing some optimism around growth, while retail sales also remained firm in y/y terms. Still, most of the bias around onshore sentiment is for downside risks to growth. 

  • Taiwan equities (up over 2.5%) have surged on plans Nvidia will open an overseas headquarters in the country. USD/TWD spot is little changed though, last near 32.70.

     

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North East Asia currencies are slightly weaker versus the USD, but remain comfortably within recent ranges. In contrast, South East Asian currencies have mostly firmed against the dollar, with some of this reflecting catch up from USD weakness on Friday (post onshore closes), while regional equity sentiment has mostly been positive today. 

  • USD/CNH is a little above 7.3030 in latest dealings, around 0.15% weaker in CNH terms. Earlier lows for the pair were at 7.2853. We are still above the 20-day EMA support point (last near 7.2740). Spot USD/CNY is also higher, but sub 7.3000 at this stage. Local equities are firmer, but the CSI 300 remains 4000 at this stage.
  • Spot USD/KRW has also traded with a positive bias as well, although has found selling interest above the 1450 level. We had better export data earlier (for the first 20-days of Dec), providing some optimism around growth, while retail sales also remained firm in y/y terms. Still, most of the bias around onshore sentiment is for downside risks to growth. 

  • Taiwan equities (up over 2.5%) have surged on plans Nvidia will open an overseas headquarters in the country. USD/TWD spot is little changed though, last near 32.70.