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USD/Asia Pairs Seeing Some Support, THB Weakens As Market Awaits New PM

ASIA FX
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

USD/Asia pairs have, for the most part, seen an upside bias in the first part of Thursday trade. The yuan has weakened amid mixed data outcomes and has largely ignored the equity bounce onshore. THB is also weaker amid fresh onshore political uncertainty. Other pairs have ticked up as well in USD/Asia terms, with spot USD/IDR unable to hold multi month lows. South Korean markets have been out today.

  • China's July activity data showed mixed outcomes. Retail sales were slightly stronger than expected but this was offset by slight misses on industrial production and fixed asset investment. Property indicators also remained quite depressed. USD/CNH pressed above 7.1600 in early trade, but sits back close to 7.1500 in latest dealings, slightly up on end NY levels.
  • USD/THB got to 35.18 in early dealings, but sits back at 35.08 in latest dealings. The Thailand Pheu Thai party coalition is meeting this afternoon to discuss who will be put forward as the new Prime Minister candidate. Former Law Minister Chaikasem Nitisiri is seen as the favorite to win the nomination. He is a long time Thaksin Shinawatra loyalist and served as the law minister in Yingluck Shinawatra’s government. This comes ahead of tomorrow's legislative vote for the new PM. A Pheu Thai spokesperson also stated that the digital wallet scheme would be pushed forward with.
  • USD/IDR spot is up from earlier lows. The pair got to 15615 in the first part of trade but sits back near 15700 in recent dealings, which leaves us little changed for the session. We still sit close to multi month lows. Some slight US yield strength has likely weighed on IDR appetite at the margins. On the data front, an unexpected rise in imports for July saw the trade surplus miss expectations. The trade surplus $472m; versus estimate of $2.5b.
  • USD/MYR is also higher, around 0.35% firmer to 4.4360 in latest trading. This keeps earlier August lows sub 4.4000 intact.
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USD/Asia pairs have, for the most part, seen an upside bias in the first part of Thursday trade. The yuan has weakened amid mixed data outcomes and has largely ignored the equity bounce onshore. THB is also weaker amid fresh onshore political uncertainty. Other pairs have ticked up as well in USD/Asia terms, with spot USD/IDR unable to hold multi month lows. South Korean markets have been out today.

  • China's July activity data showed mixed outcomes. Retail sales were slightly stronger than expected but this was offset by slight misses on industrial production and fixed asset investment. Property indicators also remained quite depressed. USD/CNH pressed above 7.1600 in early trade, but sits back close to 7.1500 in latest dealings, slightly up on end NY levels.
  • USD/THB got to 35.18 in early dealings, but sits back at 35.08 in latest dealings. The Thailand Pheu Thai party coalition is meeting this afternoon to discuss who will be put forward as the new Prime Minister candidate. Former Law Minister Chaikasem Nitisiri is seen as the favorite to win the nomination. He is a long time Thaksin Shinawatra loyalist and served as the law minister in Yingluck Shinawatra’s government. This comes ahead of tomorrow's legislative vote for the new PM. A Pheu Thai spokesperson also stated that the digital wallet scheme would be pushed forward with.
  • USD/IDR spot is up from earlier lows. The pair got to 15615 in the first part of trade but sits back near 15700 in recent dealings, which leaves us little changed for the session. We still sit close to multi month lows. Some slight US yield strength has likely weighed on IDR appetite at the margins. On the data front, an unexpected rise in imports for July saw the trade surplus miss expectations. The trade surplus $472m; versus estimate of $2.5b.
  • USD/MYR is also higher, around 0.35% firmer to 4.4360 in latest trading. This keeps earlier August lows sub 4.4000 intact.