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USD/Asia Pairs Mostly Lower

ASIA FX

USD/Asia pairs are trading with a softer bias, albeit to varying degrees. A Better regional equity tone is helping, but overall ranges are contained as markets await the US CPI print later.

  • USD/CNH got under 7.1700 before support emerged (lows 7.1659). The pair was last 7.1710.
  • 1 month USD/KRW got to 1312.6, before recovering, we last track near 1314. BoK Governor Rhee stated there is less need for rate hikes, but also stated it's too early to discuss rate cuts in the next 6 months. This followed the earlier on hold decision. The won hasn't moved a great deal on these comments, but the positive equity backdrop for the region is helping won sentiment.
  • USD/SGD sits back below 1.3300, but remains well within recent ranges.
  • PHP is also firmed, USD/PHP is to back to 56.14, yesterday's highs coming in near 56.40. This would be PHP's first gain in 5 sessions.
  • USD/THB is slightly higher, back above 35.00, but is also off Wednesday highs (near 35.20), as PM Srettha stated the BoT is an independent organisation and that he hasn't ordered rate cuts. This came after his meeting yesterday with the BoT Governor. The BoT will hold a policy briefing on Monday at 10am local time.
  • USD/IDR is close to unchanged, unmoved by the generally firmer risk backdrop. The pair was last near 15560 in spot terms.
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