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USD/CNH Back Above 7.1700, Spilling Over To Other Parts Of Asia

ASIA FX

USD/CNH is back above 7.1700, last at 7.1775, which is fresh highs from late September. There doesn't appear to be a fresh catalyst for the move. HK and mainland equity markets are opening up weaker, particularly in the tech space. Also note onshore spot is firmer, with USD/CNY also pushing above 7.1700.

  • This is spilling over to the rest of EM Asia FX. Spot USD/KRW is back to 1432/33 (+1.40% for the session), while USD/TWD is near 31.90, +0.65% for the session.
  • Both of these currencies are being weighed on lower equities, the Kospi off 2.2%, the Taiex 3.40%, reflecting catch up with recent tech weakness and the fact markets were closed yesterday.
  • Elsewhere AUD/USD is sub 0.6280, around 0.40% lower than NY closing levels.
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