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Free AccessUSD/CNY Holding Close To Upper Daily Trading Limit
USD/Asia trends have been more mixed today. The Chinese currency remains under pressure, while the won has outperformed, with mixed performances elsewhere. Tomorrow the data calendar is light in the region, with just South Korean business sentiment indicators out, we should also get Thailand trade figures over the next few days.
- The break higher in the USD/CNY fixing, to 7.1668, fresh highs back to 2008, drove another record high in USD/CNH to just under 7.3700. Onshore spot opened higher as well, but ran out of steam close to 7.3100, which is the upper daily trading limit. USD/CNH is also back to the 7.3350/00 region. The PBoC announced easing requirements for cross-border funding, aimed at supporting capital inflows.
- The won has bucked the weaker CNY/CNH trend. We spiked towards 1145 in early trade, but we have drifted lower since then, now back to 1433. Higher onshore equities have helped, but only at the margin. The Kospi last +0.20%.
- Singapore September inflation data came in as expected. Headline y/y to 7.5%, while core rose to 5.3%, also matching expectations. USD/SGD has been range bound today, last at 1.4220, with higher NEER levels still the likely preferred play.
- Spot USD/THB loses some altitude upon return from a long weekend in Thailand, with lower U.S. Tsy yields offering some support to the baht, on top of the overhang market impetus. The rate last sits -0.08 at 38.28. Thailand's Customs trade data are expected to hit the wires in the coming days.
- Spot USD/IDR has added 27.5 figs and changes hands at 15,615. A break above the Oct 21 high of 15,634 would bring Apr 16, 2020 high of 15,754 into view. Foreign players bought a net $89.45mn in local stocks Monday, while the Jakarta Comp climbed for the fourth consecutive day. The tightening in INDOGB 5-Year/10-Year spread has extended after last week's monetary policy decision from Bank Indonesia and last sits at 29.4bp, printing its worst levels since early 2019. Flattening impetus is likely amplified by Bank Indonesia's "Operation Twist."
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Why MNI
MNI is the leading provider
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