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TWD & KRW Seeing Positive Spill Over From CNH Gains

ASIA FX

The USD/CNH break lower sub 7.1400, in in the aftermath of the sharp USD/CNY fixing dip, is seeing positive spill over to the rest of the region.

  • 1 month USD/KRW hit fresh lows near 1282, (now sitting slightly higher ~1283.6).
  • TWD continues to play catch up, outperforming KRW. Spot USD/TWD is back to 31.46, levels last seen in early August. The 1 month NDF is 31.20, +0.50% firmer in TWD terms.
  • Regional equity sentiment is firmer for the most part (Japan shares are underperforming amid further JPY gains). Lower US yields are weighing on broader USD sentiment as well.
  • Elsewhere, MYR is up a further 0.50% to 4.6465, moving closely with CNH gains. PHP is up 0.30% to 55.35/40. THB is still lagging somewhat, only slightly firmer at 35.08.
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