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USD/Asia Pairs Higher On Negative G10 Moves & Weaker Equities

ASIA FX
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The clear tone for USD/Asia pairs is skewed higher in the first part of Tuesday dealing. This fits with the G10 patterns, with USD/JPY continuing to push higher. The A$ is also weaker, while regional equity sentiment is mostly softer, as HK markets weaken.

  • USD/CNH is looking to test above 7.2500, while spot onshore is above 7.2400 and creeping back towards the top end of the daily trading band. The earlier fixing rose modestly but was still the highest result since late Feb this year. The weaker HK/mainland equity tone is not helping, while data which suggested strong capital outflow pressures in April is likely weighing in the background.
  • 1 month USD/KRW is through Monday highs, last near 1364/65. We remain within recent ranges, but now rest back above all key EMAs. We had earlier resilient export figures for the first 20-days of May, but his hasn't done much for sentiment. The weaker regional equity tone, coupled with lower JPY and CNY levels are working the other way.
  • USD/THB is rebounding sharply. The pair last near 36.25. Intra-session lows from Monday trade came in at 35.845 post firmer than expected Q1 GDP results.
  • USD/PHP has risen above 58.00 for the first time since 2022. This figure level was eyed as a potential resistance point, so we may be seeing some technical/stop related buying are piercing this level.
  • USD/IDR is around 0.40% firmer. The pair was last near 16040. Again, this is well within May ranges to date, but IDR is displaying reasonable beta with respect to USD/Asia moves.
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The clear tone for USD/Asia pairs is skewed higher in the first part of Tuesday dealing. This fits with the G10 patterns, with USD/JPY continuing to push higher. The A$ is also weaker, while regional equity sentiment is mostly softer, as HK markets weaken.

  • USD/CNH is looking to test above 7.2500, while spot onshore is above 7.2400 and creeping back towards the top end of the daily trading band. The earlier fixing rose modestly but was still the highest result since late Feb this year. The weaker HK/mainland equity tone is not helping, while data which suggested strong capital outflow pressures in April is likely weighing in the background.
  • 1 month USD/KRW is through Monday highs, last near 1364/65. We remain within recent ranges, but now rest back above all key EMAs. We had earlier resilient export figures for the first 20-days of May, but his hasn't done much for sentiment. The weaker regional equity tone, coupled with lower JPY and CNY levels are working the other way.
  • USD/THB is rebounding sharply. The pair last near 36.25. Intra-session lows from Monday trade came in at 35.845 post firmer than expected Q1 GDP results.
  • USD/PHP has risen above 58.00 for the first time since 2022. This figure level was eyed as a potential resistance point, so we may be seeing some technical/stop related buying are piercing this level.
  • USD/IDR is around 0.40% firmer. The pair was last near 16040. Again, this is well within May ranges to date, but IDR is displaying reasonable beta with respect to USD/Asia moves.