Free Trial

USD/Asia Pairs Lower, KRW & THB Outperform


USD/Asia pairs have, for the most part, tracked lower through today's session. This is line with USD weakness against the majors, which has accelerated this afternoon, amid higher US equity futures and an FT article stating the BoE is set to delay its quantitative tightening program. The data calendar is light tomorrow outside of Malaysia trade figures.

  • USD/CNH is back below 7.2000, generally underperforming the USD sell-off this afternoon. Onshore equities are only up smalls, while the CNY fixing surprise was more modest compared to yesterday. Today's Q3 GDP data and September activity figures release has been delayed, most likely due to the Party Congress. No release date has been scheduled at this stage.
  • 1 month USD/KRW is down, last 1420, in line with broader USD weakness. The Kospi is back above +1% for the session.
  • Spot USD/INR is lower, back to the 82.10/15 level in the first part of trading. Resistance around 82.40 has held for now. Onshore equities are near +1% for the session so far.
  • Spot USD/IDR is back below 15460, around -30 figs for the session. Foreign investors bought a net $155.31mn in Indonesian stocks Monday, the largest daily inflow since Oct 6, although the JCI is barely in positive territory so far for the session. The majority of economists expect a 50bps hike from BI this Thursday.
  • USD/PHP has moved away from the 59.00 level (last 58.91). The Philippines' overseas cash remittances printed on Monday. Annual growth was +4.3%, exceeding the +3.0% median estimate in a Bloomberg survey. On a sequential basis, remittances declined to $2.721bn in August from $2.917bn prior, but the fall was less pronounced than expected.
  • The baht is one of the better performers for the session, +0.50% against the USD, to be last at 38.02. This is in line with broad USD weakness, although offshore investors continue to sell local equities. Offshore investors were net sellers of $62.08mn in Thai equities Monday. Fiscal Policy Office chief said that the Finance Ministry is preparing new measures to encourage spending, without giving any details at this stage, with the government looking to maintain economic recovery amid deteriorating external conditions.
  • USD/MYR is off recent highs, last in the low 4.7100 region. Malaysia's Department of Statistics is planning to revise its Consumer Price Index (CPI) next year amid suggestions that it does not reflect the true cost of living (see this link for more details).

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.