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Rally Stalls, Won Losses 0.65%, As Equity Sentiment Softens

ASIA FX

Early Tuesday trends are seeing a firmer USD backdrop emerge against Asian FX. This comes despite a softer US yield tone (-0.3-1.0bps lower across the curve), although this only unwinds a small of Monday's gains. Equity sentiment is weaker with most markets tracking lower at this stage, while US futures are down a touch as well.

  • The won has seen the sharpest pull back at this stage, off 0.60%, putting spot back into the 1305/06 range. The 1 month NDF is in the 1303/04 region (opening levels were at 1297.6). Onshore equities are down nearly 1.9% for the Kospi giving back some of yesterday's gains.
  • USD/CNH is relatively steady, near 7.2840. PBoC Deputy Governor has stated at a HK Finance forum earlier that he isn't too worried about China's current economic state, but that the old growth model driven by property is not sustainable (BBG). Government debt levels are manageably, particularly compared to international standards.
  • Elsewhere, USD/THB is back to 35.55, -0.15% weaker in baht terms. PHP is 0.30% weaker, last near 56.09. SD/SGD has firmed modestly, last tracking near 1.3520/25.
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