USD/Asia Pairs Mixed, BI Decision Still To Come

USD/Asia pairs are mixed. CNH has been relatively steady, while IDR has softened a touch on equity risk aversion. Most other pairs are down modestly, in line with USD retracement against the majors (BBDXY -0.20%). Still to come today is the BI decision, no change is expected. Tomorrow's data calendar is light with Malaysia CPI on tap and then Taiwan unemployment figures.

• USD/CNH sits close to unchanged for the session, last near 7.1475. Earlier lows were at 7.1427, but we saw modest USD demand post headlines that the US was considering raising tariffs on certain China goods, including EVs. We couldn't get beyond 7.1500 though. Local equities are tracking higher, which is likely providing some support.
• 1 month USD/KRW sits near 1301 in recent dealings, having been largely range bound for Thursday trade to date. A won headwind has come from local equity weakness (-0.80% for the Kospi), while positives have been in terms of further improvement in export trends and a firmer yen.
• Spot USD/IDR has drifted higher through trade today, last near 15530. We still have the BI decision to come, which is expected to deliver an on hold outcome. Risk aversion in the equity global equity space has likely weighed on IDR, offsetting a further decline in US real yields. Indonesia 5yr CDS is up from recent lows a touch, last near 72bps.
• The SGD NEER (per Goldman Sachs estimates) is steady this morning, we remain well within recent ranges. The measure sits ~0.4% below the top of the band. USD/SGD continues to see-saw around the $1.33 handle as broader greenback trends dominate flows. A reminder that the data docket is empty for the remainder of the week.
• The Ringgit has ticked higher on as the downtick in US Tsy Yields seen yesterday provides a level of support. USD/MYR print at 4.6480/4.6520, ~0.2% lower today. The remains well within the recent 4.63/4.70 which has persisted for the most part recently. Looking ahead; the local data docket is empty today, tomorrow November CPI is due. A downtick in CPI to 1.7% Y/Y from 1.8% Y/Y is expected.
• USD/PHP has continued to drift lower, last near 55.4, around 0.20% stronger in PHP terms. We remain within recent ranges. Headlines that have crossed today have mainly focused on tensions with China over the South China Sea.