USD/Asia Pairs Lower, CNH Still Lagging, KRW Playing Catch Up

USD/Asia pairs are seeing downside momentum in early Thursday dealings. This is line with majors, after broader USD softness carries over from Wednesday's session, post data misses and lower yields. Regional equity markets are up across the board as well, adding to the risk on feel.

• USD/CNH is sub 7.3000, but is lagging gains seen in JPY, AUD and NZD. USD/CNY spot is relatively steady, with dips under 7.3000 supported so far. As we noted earlier a close to unchanged USD/CNY fixing was unlikely to encourage too much positive yuan momentum. For USD/CNH intra-session lows from Wednesday came in at 7.2920.
• Spot USD/KRW is lower by around 0.40% at this stage. The pair was last near 1381.3, slightly up from session lows (1380.2). This leaves us sub intra-session lows from Wednesday in the pair. The won was an underperformer through Wednesday's session and with the positive equity tone we may be seeing some catch up unfold today. The pair is testing the 20-day EMA support zone, but the 50-day sits further south near 1373.
• Spot USD/THB is off nearly 0.40% and back to 36.60/65. This leaves within recent ranges, as early June lows came in around 36.325.
• USD/IDR is back to 16335, around 0.20% stronger in IDR terms. Current levels are right on the 20-day EMA support zone. We haven't been sub this support level since May.