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Stronger Yuan Benefiting NEA FX More, But SEA FX Still Up Against the USD

ASIA FX

The spill over from the yuan rebound is more evident in NEA FX than SEA FX. The respective 1 month NDFs for KRW and TWD are up around 0.60-0.65% at this stage. In SEA FX, USD losses are still evident but more modest at this stage.

  • 1 month USD/KRW is last back to 1334/35 (slightly up from session lows). This is comfortably off recent highs above 1340. 1 month USD/TWD is back to 31.75/80, against recent highs above 32.00.
  • Spot USD/MYR, which typically has a strong beta with respect to CNY moves, was last under 4.7300, only 0.20% stronger in MYR terms.
  • 1 month USD/IDR is also down modestly, back to 15800. Friday highs in the pair were close to 15900, which also coincided near Jan YTD highs in the pair.
  • Spot USD/THB is down 0.30%, last back to the 36.25/30 region. Friday highs in this pair came close to 36.50.
  • Sot PHP is barely in positive territory, last in the 56.25/30 region. 1 month USD/PHP is lwoer though, last around 56.28, around 0.25% stronger in PHP terms.
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