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USD/CNH Edges Up As Equities Struggle To Stay Positive

ASIA FX

Most USD/Asia pairs are higher in the first part of Friday trade. This is underperforming the slightly offered USD tone against the majors. Volatility in China/HK shares has seen USD/CNH drift higher. The pair was last near 7.2070, well within recent ranges, but slightly above end Thursday levels in NY.

  • The Hang Seng and mainland indices are off slightly at the time of writing, as the market digests recent regulator shifts this week. The Shanghai Composite probed above 3000 in earlier trade (the first such move above this level since Dec last year), but has struggled to see positive follow through.
  • Earlier we had Jan house price falls at a slower pace compared to Dec, but the market is likely to want to see further positive housing signs before turning constructive on the outlook.
  • For 1 month USD/KRW we have been largely steady, albeit with a slight upside bias. The pair was last 1327.5. Onshore equities are higher, last +0.50% for the Kospi. Thursday lows in the 1 month near 1322 remain intact.
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