USD Firms, Q1 China GDP & March Monthly Activity Prints Due Tomorrow

USD/Asia pairs are higher across the board. Part of this is catch up from the USD's rebound late last week, although the dollar has generally stayed on the front foot against the majors today, which has spilled over into Asia FX as well. Still to come is Indian wholesale inflation, while tomorrow the focus will largely rest on China Q1 GDP, and March activity figures. The BI decision, no change expected, is also out.

• USD/CNH was slightly weaker in early trade, but couldn't sustain sub 6.8700 levels, and we now sit back around the 6.8750/60 level. The CNY fixing was close to neutral, while the 1yr MLF rate was held steady as expected at 2.75%. There was a slight net injection though of 20bn. Tomorrow delivers Q1 GDP and March activity figures, which are expected to show uniform improvement.
• 1 month USD/KRW continued to recover from the NPS swap announcement induced sell-off from late last week. We are now back above 1309/10, around +0.50% firmer versus NY closing levels from the end of last week. Onshore equities are slightly weaker in terms of the Kospi, while offshore investors are back to net-sellers, -$235.7mn in outflows so far today.
• Singapore export growth was better than expected but this didn't aid SGD FX sentiment much. USD/SGD got to 1.3334, above Friday highs, but we have drifted lower since, last around 1.3315/20. The NEER has recovered somewhat, but still holds most of its post MAS losses from last Friday.
• USD/IDR is back above 14780, +0.55% for the session. While the USD/IDR technical set up still looks bearish. However, if we see further upside in the pair, the 14830/40 region, which we broke down through early last week is likely to be eyed (this previously marked the YTD low for the pair). Weighed on the margins was a trade surplus below forecast, +2.9bn, +$4.25bn expected.
• USD/PHP has continued to track higher, last in the 55.65/70 range. This is +0.80% above closing levels from the end of last week. It is also fresh highs back to early January from this year. The pair is back above all key EMAs, with the simple 200-day MA sitting higher around 56.08.