North Asia FX Falter Amid Weaker Yen/Equity Headwinds

North East Asia FX has faltered somewhat today. Yen weakness and equity losses have been headwinds. The higher beta won has seen the largest drop so far today. USD/KRW remains sub recent highs though.

• USD/CNH is back above 7.1300, although has found selling resistance near 7.1340, which marked Tuesday highs in the pair. The USD/CNY fixing was close to neutral, while onshore equities continue to struggle. The CSI 300 is off 0.60% and sub 3300 in index terms. Earnings worries are offsetting share buy backs.
• Investors remain cautious ahead of Nvidia's highly anticipated earnings report. In South Korea the Kospi is off 0.30%. USD/KRW spot is up around 0.40%, last near 1337. Recent highs in the pair were close to 1344. We continue to see outflows from the local equity space. The government is looking to boost consumption as part of its broader stimulus plans.
• Spot USD/TWD is a little higher, but still sub the 32.00 level. The Taiex is higher on the day, outperforming other North East Asian equity indices so far. The 1 month NDF is off around 0.30%, last near 31.80.