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Free AccessUSD/Asia Print Cycle Highs Despite Another Stronger-Than-Expected PBOC Fix
The Fed's decision to raise interest rates by 75bp and flag a steeper tightening path going forward kept the U.S. dollar afloat, while sapping strength from Asia EM FX. A stronger than expected PBOC fix failed to arrest yuan depreciation, while focus turned to monetary policy reviews by Bank Indonesia and Bangko Sentral ng Pilipinas.
- CNH: Offshore yuan extended losses after the PBOC set its yuan reference rate 850 pips below sell-side estimate. This extended the current streak of firmer-than-expected fixings to a record 21 days, albeit the actual mid-point was set at a new cyclical high of CNY6.9798. Spot USD/CNH showed above the CNH7.1 for the first time since 2020.
- KRW: Spot USD/KRW crossed above KRW1,400 for the first time since 2009, inviting a fresh round of verbal interventions from South Korean officials, with FinMin Choo vowing to take all necessary measures to tackle one-sided FX moves. The won paced losses in the Asia EM basket, cementing its position as the worst regional performer this year.
- IDR: The rupiah was the most resilient currency in emerging Asia, but spot USD/IDR still printed its best levels since 2020. Focus was on the imminent rate decision from Bank Indonesia, with the Board of Governors expected to raise the 7-Day Reverse Repo Rate by 25bp.
- MYR: USD/MYR refreshed 24-year highs with post-FOMC impetus dominating ahead of tomorrow's CPI data to be released out of Malaysia.
- PHP: The peso plunged to all-time lows in the interim between the Fed's policy review and the today's rate decision from the BSP. Governor Medalla said the central bank "will do what's necessary to achieve a target-consistent inflation path," as the policy rate is still "accommodative."
- THB: Spot USD/THB showed at its highest point since 2006 as participants awaited more details on the planned meeting between BoT and MoF officials to discuss currency depreciation.
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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.