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USD Recoups Some Of Wednesday's Losses

ASIA FX

The USD is finding some support against the Asia FX bloc. This is consistent with higher beta FX underperforming in the G10 space (with AUD and NZD both down close to 0.40%). The firmer US cash Tsy yield backdrop, coupled with softer equity sentiment, is driving USD demand.

  • USD/CNH is back to 6.9000, we were closer to 6.8700 at the start of the session. HK and China related equity indices are off around 1% at this stage, giving back some of yesterday's gains.
  • 1 month USD/KRW is back to 1311/12, +0.55% above NY closing levels. Onshore equities are back to flat after opening up firmer. IP figures were weaker than expected in Y/Y terms, even with the monthly beat. Chip inventories continued to climb (see this link for more details).
  • Elsewhere, USD/THB is back to 34.85/90, around +0.30% firmer at this stage. SGD and TWD are around 0.20% weaker.
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