USD Weaker Across The Board, CNH Lags

MNI (Australia) USD/Asia pairs continue to track lower, amid broad based dollar weakness. Data momentum has been mixed today, although regional PMIs showed greater resilience than might have expected. The main theme remains China re-opening, with Beijing announcing some low-risk covid patients can isolate at home, among the latest announcements. Tomorrow South Korean CPI is the main focus.

• USD/CNH has consolidated. The pair got close to 7.0250 in the first part of trading, but we spent much of the session back above the 7.0500 level. The CNY fixing was neutral, while the Caixin PMI printed better than expected. The pair is back close to 7.0550 at the time of writing due to the Beijing headlines around low-risk Covid patients, although there hasn't been much follow through.
• USD/KRW 1 month slipped below 1300 in early trade, but found support ahead of 1295, last at 1297. Onshore equities are higher, but have lagged the rest of the region (+0.30%), as weaker export growth and on-going truck strikes hurt sentiment at the margin.
• USD/IDR is lower, last at 15620, -0.70% for the session so far. The pair was unable to hold sub 15620 in the first part of trading though. November CPI came in softer than expected, paving the way for a reduced pace of tightening in December from BI.
• USD/INR is back to the low 81.00 region (last 81.11). The simple 100-day MA comes in at 80.72. The manufacturing PMI stayed resilient at 55.7, from 55.3 last month. This follows yesterday's Q3 GDP report, which showed a generally solid underlying growth backdrop, despite the headline slowdown.
• USD/THB is back sub 35.00, last around 34.90, fresh lows back to mid-June. The Nov PMI eased back to 51.1 (from 51.6), but remained in expansion territory. The BoT delivered few surprises yesterday after hiking by a further 25bps.