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Free AccessUSD Firms, BSP and CBC Expected To Hike Rates Later
Most USD/Asia pairs have gravitated higher today. This is line with USD gains against the majors, amidst a firmer yield backdrop and lower regional equities. Still to come is the BSP decision, where +50bps is expected. The CBC in Taiwan is also expected to raise rates later, but by a more modest +12.5bps. Tomorrow the data calendar is fairly light, with Singapore exports likely to be the main focus point.
- USD/CNH is around session highs at the time of writing, last at 6.9650. This is +0.30% higher for the session. November activity data was noticeably weaker than expected, although this didn't impact FX sentiment much. Higher UST yields have weighed, along with broad based USD gains against the majors. The fixing bias is almost back to flat as well, perhaps indicating comfort with current CNY levels.
- 1 month USD/KRW has found selling interest above 1300, last around 1299.50. Onshore equities have corrected lower, down around 1.35% at this stage. Trade prices continued to show declining momentum for both export and import prices.
- 1 month USD/IDR got to a high of 15632 before some selling interest emerged. The pair was last around 15620, well within recent ranges. November’s trade surplus was better than expected, largely thanks to weaker import growth (-1.89%, +6.32% forecast), with the surplus printing at $5.160bn, above expectations but down from last month. Export growth continued to soften (5.58% y/y, from 11.94%). The Indonesian parliament passed laws that enables BI to buy government bonds during times of crisis.
- USD/INR is just under 82.50 in spot terms, little changed for the session so far. Onshore equities are down 0.50% at this stage, while bond yields are mostly higher, +1-2bps up across the curve. Yesterday's wholesale inflation data showed a decent down surprise +5.85% y/y, versus +6.30% expected.
- USD/PHP is lower in spot terms, back under 55.70, but the 1 month NDF is above this level, which is +0.30% higher than NY closing levels. The BSP decision is due in a little over an hour, which should deliver a 50bps rate hike.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.