Softer End To The Week

USD/Asia pairs are higher today, albeit to varying degrees. Weaker equity sentiment in the region has weighed, while Asian currencies have seen some underperformance relative to the majors. Still to come is Taiwan trade figures, while the China Caixin services PMI prints tomorrow. Next week is headlined by the BoK and MAS decisions, along with China data.

• USD/CNH pushed above 7.1000 early and we currently sit fairly close to this level. Onshore covid case numbers are trending back up. FX reserves didn't fall as much as expected in September, holding above $3000bn. Onshore markets return from holidays on Monday.
• USD/KRW rebounded from the low 1400 level (last 1411). The authorities once again pledged to curb excessive volatility in financial markets. This has helped the Kospi outperform, but the index is still down on the day. Comments from BoK Governor Rhee point towards a 50bps hike next week.
• USD/TWD has rebounded off the 20-day MA (31.514), last at 31.63, with TWD weighed by tech outlook concerns. Still to come is September export figures.
• USD/INR has surged through 82.00, last at 82.37, around +0.60% above closing levels from yesterday. RBI intervention was reported around 82.30, so the central bank could look to curb further weakness as the session progresses.
• SGD has outperformed. USD/SGD has remained wedged below 1.4300 for much of the session. The MAS policy announcement is next Friday, where further tightening is expected.
• IDR has seen little relief from yesterday's strong equity inflow ($266.8mn). USD/IDR last traded at 15241, +53.5 figs on the day. 5-yr CDS continues to drift wider.
• USD/THB is back to 37.46, +0.32% for the session, in line with moves seen in the rest of the region. BoT Asst Gov Piti said in an interview that markets should be listening to the central bank's communications instead of focusing just on interest rate moves. He noted that the BoT will "not deliberately surprise the market," but this will not stop it from "doing what we think is needed."