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On The Front Foot, Equity Gains And Lower USD/CNH Levels Helping

ASIA FX

USD/Asia pairs are tracking lower in the first part of Friday trade. Part of this is catch up with Thursday dollar losses post onshore spot closes, while firmer equities on Friday and lower USD/CNH levels is also aiding sentiment in the space.

  • USD/CNH is tracking to fresh lows, last close to 7.0950.
  • 1 month USD/KRW is around 1308.00, through Thursday session lows. May lows close to 1306 aren't too far away. The market hasn't been too concerned by comments from a BoK board member around structural headwinds for the won. The Kospi is +0.90% at this stage.
  • USD/TWD is down 0.30 in spot terms, last near 30.64. The Taiex is rebounding, last +1% for the session.
  • Elsewhere, USD/MYR is back under 4.59, with this par typically sensitive to CNY and CNH moves historically.
  • USD/THB is back to 34.60, around 0.60% stronger in baht terms versus yesterday's close.
  • USD/PHP is back sub 56.00, last near 55.94, off by a similar amount.

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