USD/Asia Pairs Mostly Lower

USD/Asia pairs are mostly lower, in line with the dollar pull back against the majors. Higher regional equities have helped sentiment. Regional PMIs generally lost ground, although the China Caixin manufacturing PMI beat expectations. Tomorrow the focus will be on South Korean CPI, while the Philippines PMI also prints.

• USD/CNH was firmer in early trade, but after touching a high near 7.3560 post another rise in the USD/CNY fixing, the pair has generally been offered. We were last around 7.3200. Onshore spot is also away from earlier highs, last around 7.3050. Broader USD sentiment is softer, although CNH has lagged higher beta moves in this space. The Caixin PMI came in at 49.2 versus 48.5 expected, helping at the margin.
• USD/KRW dipped sub 1420, as higher equities helped offset lower export growth and a wider trade deficit. Still, the pair has found support sub this level, we were last back closer to 1421. The South Korean PMI improved in October, but remains in contractionary territory.
• TWD has lagged the broader USD sell-off. Spot USD/TWD remains elevated near 32.26, as the Taiwan PMI fell to fresh lows (41.5 from 42.2 last month). Details were also soft, suggesting continued headwinds for external demand into year-end. Taiwan equities have lagged the tech rebound as well.
• USD/INR sits just below recent highs under 82.80 (last at 82.65). The October manufacturing PMI printed at 55.3 versus 55.1 in September. Support may be evident for the pair in the 82.40/50 zone.
• USD/IDR is down slightly from fresh highs recorded earlier in the session. The pair was last back at 15629, versus 15658 earlier. Indonesia's PMI slipped to 51.8 from 53.7, but remains above trends in the rest of the region. CPI data was weaker than expected for October. Headline to 5.71% y/y, core 3.31% y/y.
• USD/THB is lower, back sub 38.00 to 37.935. Thailand's BoP current account balance unexpectedly flipped into a surplus in September, according to data released Monday. BoT Asst Gov Chayawadee said current account balance is expected to improve towards the year-end in line with rising tourist arrivals. Expansion in Thailand's manufacturing sector slowed, the latest S&P Global PMI survey showed. Headline index fell to 51.6 last month from 55.7 prior, with deterioration in demand cited as the main negative factor.