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Free AccessUSD/Asia Pairs Off Recent Highs As Month End Approaches
Most USD/Asia pairs are lower, unwinding earlier dollar gains. Downside is fairly modest at this stage though, with higher US yields (post hawkish Fed speak), providing some offset to a firmer HK/China equity backdrop. Still, only MYR has recorded a rise against the USD in March to date.
- USD/CNH is back near 7.2500, but hasn't seen much downside follow through. Spot USD/CNY is close to 7.2260, little change for the session so far. China/HK equities are up strongly, with optimism around potential further policy support after yesterday's meeting between President Xi and US business executives aiding broader sentiment.
- Spot USD/KRW is back sub 1350, we got to highs near 1353 not long after the open. Headlines cross though of exporter related USD selling, which likely helped curb gains. The 1 month NDF is back into the 1344/45 region, slightly stronger in won terms for the session. Multi-month highs in the pair may make it more attractive for exporters to convert offshore earnings ahead of month end.
- Spot USD/TWD is a touch off recent highs, last just under 32.00, likewise for the 1 month NDF.
- USD/IDR is steadier today, but not far off recent highs. We were last in the 15865/70 region. Headlines crossed yesterday that BI was in the market to stabilize FX supply and demand. Highs back to early Nov last year is likely to keep the central bank in the market in the near term. The general trend towards month end has been portfolio outflows across both equities and bonds (although bond outflows have been larger in USD terms).
- Elsewhere we are seeing fairly modest gains against the USD. USD/PHP is in the 56.20/25 region. PHP is the second best performer in March to date behind the MYR. Malaysian markets are shut today. The PHP continues to show outperformance given higher US yields and a worsening terms of trade backdrop. An elevated policy rate and declining inflation rate is likely providing some offset.
- USD/THB holds near recent highs (baht being the worst EM Asia performer in the past month). The pair is just under 36.40. Portfolio outflows remain negative for March, amid continuing growth concerns, although we have seen a more positive flow backdrop in recent sessions.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.