USD/Asia Pairs Mostly Supported On Dips

USD/Asia pairs have mostly been supported on dips. USD/CNH sits back above 6.8800, although remains well within recent ranges. The USD rebounded from early weakness against the majors, which has likely aided firmer USD/Asia levels. Tomorrow, we get China 5yr and 1yr LPR decisions, no change is expected. Malaysian CPI is also out, while Taiwan export orders also print later in the session. Note also Indonesia markets are closed for the next 5-sessions, re-opening next Wednesday.

• USD/CNH was once again supported on a dip to 6.8700. On the topside we haven't been able to breach 6.8850. Overall, USD/CNH remains well within recent ranges. Onshore equities are slightly weaker, while the CNY fixing was neutral. Tomorrow's LPR outcomes should be unchanged.
• 1 month USD/KRW dipped early, but didn't see much follow through. We got to 1311.60, but now sit back at 1316/17, in line with firmer USD index levels. Onshore equities are higher but offshore investors are still net sellers for the session so far (-$132.8mn). President Yoon gave a wide ranging interview ahead of his trip to the US next week (see this link for more details).
• USD/MYR prints at 4.43/44, the pair is little changed from yesterday's closing levels.• Marchs Trade Balance printed at a surplus of MYR26.69bn, this was a stronger print than the expected MYR20.60bn. Imports fell -1.8%, a rise of 2.2% had been expected, and exports fell -1.4% less than the expected fall of 1.9%. Looking ahead, March CPI is on the wires tomorrow, a rise of 3.6% Y/Y is expected, softening a touch from the 3.7% observed in February.
• The SGD NEER (per Goldman Sachs estimates) is consolidating in a narrow range after weakening in the wake of Friday's MAS monetary policy decision. We now sit ~1% below the top of the band. USD/SGD is holding above the 20-Day EMA ($1.3317) the pair broke above the measure on Monday and has consolidated gains in a narrow range in recent dealing. The pair currently sits at $1.3330/40, and is ~0.1% firmer today.
• Ranges are fairly muted elsewhere. USD/PHP sits back close to 56.00. We touched a high of 56.20/25 yesterday. Indonesian markets are closed for the next 5 sessions, re-opening next Wednesday. The 1 month USD/IDR NDF (last 14890/00) is still trading, but with no onshore anchor, so expect lighter liquidity in the pair.