Free Trial

USD/Asia Pullback Continues

ASIA FX

A similar trend to yesterday is unfolding with lower USD/Asia levels across the board. This is consistent with the G10 space, where all majors are higher against the USD, with the A$, NZD and JPY the strongest performers. Regional equity market sentiment is more mixed compared to yesterday, with China shares struggling to rally despite further onshore media reports/calls for fiscal stimulus in H2.

  • Still USD/CNH is around 7.1900 in latest dealings, around 0.30% firmer in CNH terms. We are sub the 20-day EMA (near 7.2080), while the 50-day sits back at 7.1325. June 22 lows at 7.1669 come in before that.
  • 1 month USD/KRW is around 1287.50, but is seeing less outperformance compared to yesterday.
  • We are seeing slightly larger gains in SEA FX. USD/PHP is back to 55.00, +0.50% higher in PHP terms. USD/THB is sub 34.70, while USD/IDR is down to 15080, off by 0.40% so far.

To read the full story

Close

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.