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USD/Asia Pairs Mostly Lower, Won Outperforms, Aided By Firmer Yen/Tech Equity Bounce

ASIA FX

Some USD/Asia pairs are seeing downside momentum in the first part of Tuesday trade. At this stage it's mainly isolated to KRW and TWD.

  • The won and TWD are seeing benefits from equity market gains, following tech led advances in US trade from Monday. The Taiex is outperforming at the this stage, up around 1.9%, The Kospi is up a more modest 0.40%.
  • Positive spill over from a firmer yen and a steadier yuan backdrop is also aiding both of these currencies.
  • KRW is seeing slightly large gains at this stage. Spot is up around 0.30%, last near 1384. This leaves us comfortably within recent ranges for USD/KRW. Spot USD/TWD is down a little over 0.1%, last near 32.82. Yesterday's fresh multi year highs were close to 32.88.
  • USD/CNH is tracking lower, but is only as back as far as 7.2900.
  • Trends are biased slightly against the USD elsewhere. USD/SGD is sub 1.3450, USD/MYR is down a touch, while USD/PHP and USD/THB are close to unchanged.
  • USD/IDR has opened sub 16200, so off recent highs.
  • Coming up later we have Singapore inflation data for June. This comes ahead of the MAS decision on Friday.

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