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KRW: USD/Asia Pairs Firmer, USD/CNY Closing Gap To Pre-Inauguration Levels

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USD/Asia pairs are showing a positive bias in early Monday dealings. Carry over from higher US index levels on Friday (post onshore closes) is a headwind, while earlier Trump headlines around tariff announcements on steel and aluminium imports of 25% to be announced Monday is not helping sentiment either.

  • USD/CNH remains a focus point, with the pair edging back above 7.3100 in latest dealings. The skew around onshore USD/CNY spot is higher, this pair rising above 7.3050 and closing the gap with pre Trump inauguration levels (7.3200-7.300 region. Later this week we are expected to hear more on reciprocal tariffs from the Trump administration.
  • Spot USD/KRW is higher, although the 1 month NDF is little change from end Friday levels. Spot was last near 1455/56. South Korea has some exposure to the proposed tariff announcements around steel exports tot eh US, but the USD amount is not large. Local equities are flat in the first part of trade.
  • USD/TWD is firmer, but at 32.80/85 remains within recent ranges.
  • USD/MYR  is back to 4.4700, up around 0.70%, while USD/THB is also up by a similar amount the pair last close to 33.90. USD/PHP was last near 58.15, so up from recent lows sub the 58.00 figure level.
  • USD/IDR is back to 16330/35, so around 0.35% weaker in IDR terms for the session so far. Earlier Feb highs were above 16400, a likely upside focus point.
  • Friday's rise in US real yields is likely adding to USD support (above and beyond this morning's tariff fears). 
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USD/Asia pairs are showing a positive bias in early Monday dealings. Carry over from higher US index levels on Friday (post onshore closes) is a headwind, while earlier Trump headlines around tariff announcements on steel and aluminium imports of 25% to be announced Monday is not helping sentiment either.

  • USD/CNH remains a focus point, with the pair edging back above 7.3100 in latest dealings. The skew around onshore USD/CNY spot is higher, this pair rising above 7.3050 and closing the gap with pre Trump inauguration levels (7.3200-7.300 region. Later this week we are expected to hear more on reciprocal tariffs from the Trump administration.
  • Spot USD/KRW is higher, although the 1 month NDF is little change from end Friday levels. Spot was last near 1455/56. South Korea has some exposure to the proposed tariff announcements around steel exports tot eh US, but the USD amount is not large. Local equities are flat in the first part of trade.
  • USD/TWD is firmer, but at 32.80/85 remains within recent ranges.
  • USD/MYR  is back to 4.4700, up around 0.70%, while USD/THB is also up by a similar amount the pair last close to 33.90. USD/PHP was last near 58.15, so up from recent lows sub the 58.00 figure level.
  • USD/IDR is back to 16330/35, so around 0.35% weaker in IDR terms for the session so far. Earlier Feb highs were above 16400, a likely upside focus point.
  • Friday's rise in US real yields is likely adding to USD support (above and beyond this morning's tariff fears).