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Rallying, Although CNH & PHP Lagging Somewhat

ASIA FX

USD/Asia pairs are mostly tracking lower, in line with broader USD weakness (BBDXY -0.20%). USD/CNH is back to 6.8500, but is lagging dollar losses elsewhere. We remain above late Wednesday session lows around 6.8430 as well.

  • Spot USD/KRW is tracking at multi week lows, last around 1294 (+1% higher in won terms), up slightly from lows near 1291.60. The 1 month USD/KRW NDF has also seen some support sub 1290.
  • USD/TWD is sub 30.40, also at fresh multi-week lows, although is displaying around a 50% beta compared to USD/KRW moves.
  • USD/SGD is at 1.3280/85, we got to 1.3245/50 at the lows on Wednesday. USD/MYR is sub 4.4400.
  • THB is outperforming along with the won. USD/THB is last under 34.20 (+0.75% higher in baht terms, owing to some catch up post yesterday's onshore close).
  • PHP is somewhat of laggard. USD/PHP is steady around 54.50/55. We have the BSP decision later with +25bps expected.
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