USD/Asia Pairs Mostly Higher, China PMIs Disappoint

Most USD/Asia pairs are higher, led by USD/CNH. Disappointing China PMI data, coupled with firmer UST yields has kept broader USD sentiment supported. KRW and INR have seen some outperformance though. Still to come is September trade data for Thailand. Tomorrow, we get the China Caixin PMI and South Korea October trade data. Regional PMIs are also due, along with Indonesian CPI.

• USD/CNH dips have been supported, although the pair hasn't been able to extend gains beyond the 7.2930 region. The USD/CNY fixing was up, fresh highs for this cycle. The official PMIs also slipped into contractionary territory for both manufacturing and non-manufacturing.
• The won has outperformed, buoyed by firmer local equities. USD/KRW has been supported sub 1420 though. Tomorrow the focus rests on October trade data. The market expects negative y/y export growth, but the trade deficit is expected to improve modestly further.
• USD/TWD didn't see much downside. Spot is back to 32.19, with the 1 month NDF slightly higher at 32.21, +0.40% on closing levels from last week. A weaker China currency appears to have been a bigger influence today, as onshore equities are up +1.25%.
• Spot USD/THB started the new week on a firmer footing and last deals +0.08 at 37.97, slightly down from session highs. Thailand manufacturing production rose less than forecast in September (+3.36%, y/y versus +6.55% forecast). Still to come is September trade figures. Foreign investors bought a net $75.81mn in Thai stocks last Friday, the sixth consecutive net daily inflow and the largest one since Aug 31.
• Spot USD/IDR operates at 15,593, up 41 figs on the day. Bulls look for a breach of Oct 21 cycle high of 15,634, while bears keep an eye on Oct 5 low of 15,162. The latest round of Indonesia's monthly CPI figures will hit the wires tomorrow. Headline inflation may have accelerated to +5.99% Y/Y last month from +5.95% prior, while core inflation is expected to have quickened to +3.40% from +3.21%.