Tight Ranges Prevail, Thailand PM Calls For A BoT Cut Tomorrow

USD/Asia pairs have traded tight ranges for today's session. This is in line with a generally muted tone amongst the G10 pairs as well. The market is waiting for key event risks, with tomorrow's US CPI print the next major focus point. Still to come today is Taiwan CPI figures for Mar. Tomorrow the main focus will be on the BoT decision, with no change expected, although the PM has again reiterated his desire for lower policy rates. Also out tomorrow is Taiwan trade figures, along with the Philippines unemployment rate.

• USD/CNH sits slightly higher, last near 7.2450, versus late Monday lows near 7.2400. Still, we haven't threatened the 7.2500 handle. Spot USD/CNY is back to 7.2340, which is where reported USD sales occurred yesterday. the USD/CNY fixing was set a touch higher, but remained close to 7.0950.
• 1 month USD/KRW has held above the 1350 level, last in the 1352/53 region, little changed for the session. Equities opened up higher but had no follow through. Upside focus for USD/KRW will rest on the high 1350/low 1360 region, which marked 2023 highs. Tomorrow's general assembly elections will be in focus, particularly in terms of President Yoon's mandate.
• USD/THB sits lower, last back under 36.60. Recent highs rest at 36.84. There will be focus on tomorrow's BoT meeting. No change is expected, although some sell-side analysts are looking for a 25bps cut, given some dissent at the prior policy meeting. PM Srettha has also been on the wires stating the central bank should lower the key rate at tomorrow's policy meeting. See our full preview for more details.
• Elsewhere, Indonesia and Philippines markets have been closed today, which has impacted regional activity/liquidity at the margins.
• Later in the week we have the BoK and MAS central bank meetings held on Friday.