USD/CNH Steady, But Other USD/Asia Pairs Showing Upside Bias

USD/Asia pairs are mostly higher, with Asian currencies underperforming relative to the majors, which have shown more resilience against the dollar. Mostly weaker regional equities hasn't helped, while some catch up with USD gains through NY trade is also likely weighing. China's Q1 GDP beat didn't have a lasting positive impact on sentiment. Still to come is the BI decision, with no change expected. Outside of Malaysian trade figures, the data calendar is light tomorrow.

• USD/CNH got sub 6.8650 not long after the Q1 GDP beat, but didn't see any follow through. We are back to 6.8770/80 now, only slightly firmer for the session in CNH terms. Onshore equities are muted, with the March monthly activity data showing a strong consumer led rebound, but IP and property related activity was less positive.
• 1 month USD/KRW has tracked recent ranges, with dips below 1315 supported, we currently sit just near 1316. Onshore equities are down, led by automakers, while offshore investors have sold -$93.2mn of local equities so far.
• USD/PHP remains on the front foot, with the pair gaining a further 0.50% today. We were last around the 56.15/20 region, fresh highs back to the start of the year. We are right on the 200-day MA as well. A break through this level would target Dec 28 highs near 56.30. Beyond that there doesn't appear to be too many levels before 57.00 is reached, at least from a technical standpoint. On the downside, the 200-day EMA is around 55.14. Much like yesterday, there doesn't appear to a standout catalyst for PHP weakness, but rather a host of factors, centered on higher US yields.
• USD/IDR has firmed again, the pair around 14865. This is around levels the pair broke lower through last week and also coincided with previous YTD lows in early February. The rupiah has lost around 0.50% so far in trading today. This is line with USD gains elsewhere, with the firmer yield backdrop dominating for now. In terms of upside levels, the 20-day EMA sits at 14966, while on the downside we are more than 200IDR above lows from late last week at 14645.
• USD/INR has drifted higher, last near 82.10, in line with the generally stronger USD tone. Technically we continue to consolidate. Bears look to target the 200-Day EMA at 81.09. Bulls look to target the 83 handle, however they will first need to clear the 20-Day EMA (82.16). Wholesale Prices for March printed below expectations at 1.34% yesterday, this was the lowest monthly rise in Wholesale Prices since October 2020.