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USD/Asia Pairs Lower, But Limited Follow Through

ASIA FX

USD/Asia pairs have had a relatively quiet start to the week with many markets closed for LNY celebrations. The tone has been a softer USD one, in line with the majors, although moves have reversed somewhat this afternoon.

  • USD/THB got sub 32.60, but is now tracking back above 32.70. This is back above Friday lows and lows seen on Jan 16. Friday saw decent portfolio outflows, although mainly from offshore holders of local bonds. The market has been happy to sell USD/THB upticks this year, we saw recent resistance around 33.00/33.20.
  • USD/INR fell in early trade, down sub the 81.00, but we sit slightly higher now, back at 81.16. Reuters reported that state banks were suspected of buying USDs, which has likely curbed INR gains. The data calendar is empty this week.
  • Elsewhere, USD/PHP spot is sub 54.50, but ran into support around the 54.30 level. this is still fresh lows back to June last year.
  • USD/CNH dipped amid broader USD weakness (low of 6.7633), no doubt in reduced liquidity, but we stayed within recent ranges and are back at 6.7750/60 now.
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