MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

MNI BRIEF: SNB Framework Reform 'Playing With Fire' - Steiner

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1056 Fri; -4.56% Y/Y

MNI: BAKER HUGHES US RIG COUNT 613; OIL RIGS 506; GAS RIGS 105

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

USD/Asia Pairs Lower, Led By Won Gains, CNH Steady

ASIA FX
EM BulletHomepageBulletMarketsEmerging Market NewsForeign Exchange Bullets

USD/Asia pairs are lower across the board. Won gains are leading the way, with spot KRW up around 1%. Broader USD sentiment is weaker against the majors, as US yields have reversed an earlier move higher. In the equity space, major markets are tracking firmer, up from earlier lows.

  • Spot USD/KRW is back to 1373, as the won rebound continues. Long USD positions are potentially being trimmed post the recent step up in verbal FX rhetoric. Local equities are also up strongly, defying the negative lead from US markets. The 1 month NDF is back close to 1371.
  • USD/CNH is range bound, continuing to exhibit a low beta to overall USD moves, the pair last near 7.2440. Spot USD/CNY is down slightly though.
  • PHP is around 0.30% firmer, with USD/PHP last near 57.00, close to the previous resistance point. The above factors are helping, while the sharp pull back in oil prices from Wednesday is another positive.
  • USD/IDR is also down by around 0.40%, the pair last near 16160. China's foreign minister is in Indonesia today, with both sides talking up economic ties. Indonesia's foreign minister stating the country expects greater access to China markets.
  • THB is lagging somewhat, USD/THB close to unchanged so far in Thursday trade, the pair last near 36.75/80.
  • MYR is around 0.20% stronger, the pair back to 4.7850, backing away from the 4.8000 level.
229 words

To read the full story

Close

Why MNI

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.

USD/Asia pairs are lower across the board. Won gains are leading the way, with spot KRW up around 1%. Broader USD sentiment is weaker against the majors, as US yields have reversed an earlier move higher. In the equity space, major markets are tracking firmer, up from earlier lows.

  • Spot USD/KRW is back to 1373, as the won rebound continues. Long USD positions are potentially being trimmed post the recent step up in verbal FX rhetoric. Local equities are also up strongly, defying the negative lead from US markets. The 1 month NDF is back close to 1371.
  • USD/CNH is range bound, continuing to exhibit a low beta to overall USD moves, the pair last near 7.2440. Spot USD/CNY is down slightly though.
  • PHP is around 0.30% firmer, with USD/PHP last near 57.00, close to the previous resistance point. The above factors are helping, while the sharp pull back in oil prices from Wednesday is another positive.
  • USD/IDR is also down by around 0.40%, the pair last near 16160. China's foreign minister is in Indonesia today, with both sides talking up economic ties. Indonesia's foreign minister stating the country expects greater access to China markets.
  • THB is lagging somewhat, USD/THB close to unchanged so far in Thursday trade, the pair last near 36.75/80.
  • MYR is around 0.20% stronger, the pair back to 4.7850, backing away from the 4.8000 level.