USD/Asia is generally weaker, as........>

DOLLAR-ASIA: USD/Asia is generally weaker, as regional players have played catch

up to the overnight greenback sell-off. USD/CNH re-opened below the CNH7.0000

mark and dipped towards CNH6.9000, briefly showing below that level. After

failing to consolidate below CNH6.9000, the rate ticked away from lows, but a

softer than expected PBoC fix failed to sustain topside momentum. The release of

China's inflation data moved the rate back and forth, as the NBS initially

published readings from 2019 and issued a correction after a while. CPI rose

2.5% Y/Y, in line with expectations, while PPI declined 3.0% Y/Y, less than

forecast. USD/CNH knee-jerked above CNH7.0 in the initial reaction, but pulled

back immediately and now trades in negative territory.

- IDR leads gains among Asia EMFX, with USD/IDR opening below its 200-DMA. The

rate trades -54 pips at 14,356, with bears targeting Jun 26 low of IDR14,105.

Bulls take aim at the 50-DMA at IDR14,531 followed by Jul 3 high of IDR14,587. 

- USD/PHP hovers just above its three-year low of PHP49.33, printed on Jul 7. A

break below there would open the lower 3.0% Bollinger band at PHP49.07. Bulls

keep an eye on yesterday's peak at PHP49.63.