USD/Asia Pairs Mostly Lower, IDR Lags

USD/Asia pairs are mostly lower, with strength in the majors and lower UST yields helping. CNH and KRW have been the leaders, while IDR has remained a laggard. Tomorrow South Korean manufacturing survey data is due, along with the Singapore CPI. Thailand customs trade figures also print.

• USD/CNH has moved away from overnight highs above 7.1800, although support is evident ahead of the 7.1500 level. The CNY fixing was close to neutral, while domestic covid headwinds persist, although there didn't appear to be any fresh tightening in restrictions. Equities are higher led by the property sector.
• 1 month USD/KRW has stayed offered for much of the session, but hasn't been able to get back below 1350, (last 1352). Local equities are weaker, although away from worst levels. Consumer sentiment fell, but so too did inflation expectations.
• USD/IDR has been a laggard, not seeing much fresh downside. The pair was last around 15715. On-going hawkish Fed rhetoric is unlikely to be helped, while commodity prices have also been softer.
• USD/INR remains supported on dips. The early move sub 81.70 has been supported (last at 81.78). Lower oil prices aren't doing much for sentiment at this stage. USD/INR bulls will look for a break through back above 82.00.
• USD/PHP is back to 57.30, around -0.06 figs for the session. The finance secretary stated the country could hit the upper end of the GDP target (6.5-7.5%). The BSP Governor also stated that the central will still have to follow the Fed to some degree, as to not do so would risk undermining the local currency.