USD Mostly Firmer, China/HK Out Today

Spot USD/Asia pairs are firmer in the first part of Monday dealings, partly in reflection of catch up to USD gains from Friday's session in response to NFP/wages beat. Regional equity markets, which are open are mostly tracking lower at this stage, aiding USD sentiment at the margins. A number of USD/Asia pairs are back close to multi week/month highs.

• Liquidity is lighter with China and Hong Kong markets out today. USD/CNH has drifted a little higher, but has yet to breach the 7.2700 handle, we were last 7.2680.
• Broader USD sentiment has remained positive, with EUR seeing further weakness (sub 1.0800) as EU parliamentary elections showed a swing to the right (and a snap legislative French election), which raises political uncertainty for the EU bloc.
• Spot USD/KRW rallied at the open, but found selling interest above 1380, last near 1377. The 1 month NDF is around 1375, so slightly down on NY closing levels from Friday.
• Spot USD/IDR has gapped higher back to 16285/90, back around recent highs. The 1 month NDF is slightly higher, last near 16300/05.
• USD/THB spot has risen by over 1% to 36.90/95. Recent highs in the pair rest above 37.00 from late April.
• USD/MYR has gaped higher, last near 4.7200 and back above the simple 200-day MA. Coming up we have April manufacturing sales and IP. Later on, FX reserves are out for Malaysia.
• Spot USD/PHP is back up to 58.75/80, also close to earlier June highs, near 58.83.