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USD/Asia Pairs Can't Sustain Post BoJ Weakness

ASIA FX

Similar to the G10 space, USD/Asia pairs are unwinding most of the post BoJ weakness. Some offset has no doubt come from the more risk averse backdrop, which has provided USD support (higher core yields/weaker equities).

  • 1 month USD/KRW got to fresh lows of 1286, but is now back to 1299, unwinding virtually all of its post BoJ down move. This is consistent with other higher beta plays like AUD and NZD, although the won is outperforming both currencies for the session. (AUD/USD at 0.6675 (-0.35%), NZD/USD -0.50% at 0.6335).
  • USD/CNH dipped to the low 6.9700 region post the decision, but is now back to 6.9860/70, little changed for the session.
  • Other USD/Asia pairs are also unwinding most of the post BoJ weakness.
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