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USD/CNH Sees Limited Downside Post Data, KRW, THB & IDR Recording Strong Gains

ASIA FX

USD/CNH dipped post the October data prints, but has seen limited follow through. From around 7.2665 we pulled back to ~7.2550 post the prints, but we now sit back near 7.2600. Onshore equities have lost a little ground relative to earlier highs, but remain in positive territory (albeit underperforming higher beta plays in the region).

  • Note the PBoC will also sell 30bn yuan of 3 month bills in Hong Kong on 21st Nov. It will sell 15bn 1yr yuan bonds on the same day
  • 1 month USD/KRW is testing back sub 1300, lows so far near 1298.3. Spot is up over 2% so far today. The strongest performer within the region.
  • USD/IDR is down 1.35%, back sub 15500 (last in the 15485/90 region). This is fresh lows in the pair back to early Oct.
  • USD/THB is down 1.5%, but is seeing some support around the 35.50 region. MYR is up over 1% to 4.6665/70.
  • USD/PHP is back near 55.80, around 0.50% firmer in PHP terms.
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