USD/Asia Pairs Supported On Dips

Most USD/Asia pairs have been supported on dips as the Monday session has unfolded. Overall moves have been modest though. Won spot has given back some of last week's gain, but remains within recent ranges. USD/CNH dips under 7.3000 remain supported. Tomorrow, we have South Korean CPI first up, later on tomorrow evening Singapore PMIs print.

• USD/CNH has tracked narrow ranges. We sit above 7.3000, just under recent highs, but little changed for the session. The Caixin PMI was better than forecast, offsetting to some extent, the softer official read from the weekend, which remained in contraction territory. Signs that the housing sale slump is easing has also aided local property stocks, but there hasn't been any positive follow through to the yuan at this stage.
• 1 Month USD/KRW is a touch higher, last near 1380, while onshore spot is back to 1382, unwinding some of last week's won outperformance. Earlier data showed a resilient export growth backdrop and a wider trade surplus than forecast, but won sentiment didn't shift. PMI data also showed further improvement in the manufacturing backdrop. Local equities are marginally higher. A reminder that spot won's trading extension kicks off today
• Spot USD/TWD has also risen, last above 31.50, but the 1 month NDF is close to unchanged. Spot remains short of late June highs around 31.60.
• USD/IDR was last near 16360/70 little changed for the session. We remain off recent highs near 16480. On the data front, June CPI was a little below expectations, headline 2.51% y/y (versus 2.70% forecast), while the PMI dipped but remained above the 50 expansion/contraction point.