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USD/Asia Firms Amid Lower Equities, CNH Outperforms

ASIA FX

USD/Asia pairs are maintaining a firmer bias in the first part of trade. Gains for the USD are fairly uniform, although CNH is outperforming, with USD/CNH still below 6.8400 and unchanged for the session at this stage. The USD is being supported by a more risk-averse equity backdrop, with yen outperforming against higher beta plays in Asia and against the G10.

  • China/HK related bourses are lower, with a couple China stories likely adding to the cautious mood (see this link around the consumer recovery, and this one on credit market developments). The HSI China Enterprises Index has now pulled back 10% from its Jan peak.
  • The HSI is off by 1.65%, the Kospi is down by 1.10%. While US futures are also tracking lower, particularly in the tech space.
  • Earlier the China 1yr MLF rate was held steady at 2.75%.
  • 1 month USD/KRW is back to 1275/76, around +0.30% above NY closing levels, we remain below highs from earlier in the week (1279). Spot USD/TWD is up by a similar amount, last around 30.31.
  • USD/THB is back close to 34.00 (last 33.95, +0.40% higher for the session), while USD/MYR is through 4.37 (+0.60%) and USD/PHP is back to 55.065, close to month to date highs.
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