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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.
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Free AccessUSD Rally Cools
Some USD/Asia pairs are off recent highs, but dips have been fairly shallow in the likes of USD/CNH and USD/KRW. PHP weakened to a fresh record low, as onshore markets re-opened today. The Indonesian authorities have also intervened to curb IDR weakness. Tomorrow's focus rests with the BoT decision, a 25bps hike is expected. (see this link for more details).
- USD/CNH is down from recent highs, but dips remain supported. We saw another stronger CNY fix, but we are well above 7.00 now. Onshore spot USD/CNY caught up as well, closing the wedge with CNH. Both pairs remain just below 7.1650. Industrial profits continued to lose momentum in August (-2.1% y/y YTD).
- USD/KRW has tried to move lower, but hasn't got much beyond 1425. Lower equities (Kospi off by a further -0.80%), hasn't helped, while a further recovery in consumer sentiment (to 91.4 from 88.8) didn’t shift sentiment. The pair was last close to 1428.
- USD/TWD has been quiet. The CBC warned it could impose FX controls if outflows get out of hand. The pair was last just above 31.84.
- USD/IDR sits just under 15160, down from intra-day highs (15171). Comments from a BI official stated the central bank has intervened in the spot and DNFD markets. Indonesia's 5-Year CDS premium stabilises after an impressive surge over the past few days. It last sits at 156bp, operating in the vicinity of Jul 15 cycle high of 166bp.
- Spot USD/PHP has surged as Philippine markets restarted after a one-day pause caused by a typhoon. Spot USD/PHP last deals +0.450 at 58.99, a fresh all-time high. Head of IMF mission to the Philippines said the BSP has sufficient foreign reserves for an FX intervention, which could alleviate inflationary pressures and relieve some pressure on monetary policy.
- USD/THB is just shy of the 38.00 level (last 37.967). Equity outflows and yesterday's wider than expected trade deficit have weighed. Tomorrow the focus is on the BoT decision.
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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.