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ASIA FX: USD/Asia Pairs Higher In NEA, CNH Ignoring Better Equity Trend

ASIA FX
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In North East Asia FX markets, the skew has been for higher USD levels, as US cash Tsy trading has resumed and yields have pushed higher (after Monday's holiday. 

  • USD/CNH is back close to 7.2800, up around 0.20% for the session so far. Onshore spot is weaker against the USD by a similar magnitude. The continued shift in onshore equities, albeit lagging Hong Kong equities, is not aiding yuan so far today. The firmer US yield backdrop is providing an offset along with higher USD levels against the majors. We have 20 and 50-day EMA resistance between here and the 7.2900 level.
  • USD/KRW has followed a similar trajectory to USD/CNH. This pair was last above 1445, also off by around 0.20% versus the USD. Household credit rose in Q4 last year, with the y/y pace firming to multi year highs. BOK Governor Rhee stated the central bank is still in an easing cycle and will consider various factors at next week's board meeting.
  • Spot USD/TWD has rebounded, the pair back close to 32.80. Recent lows just under 32.70 have been supported since late January for this pair. 
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In North East Asia FX markets, the skew has been for higher USD levels, as US cash Tsy trading has resumed and yields have pushed higher (after Monday's holiday. 

  • USD/CNH is back close to 7.2800, up around 0.20% for the session so far. Onshore spot is weaker against the USD by a similar magnitude. The continued shift in onshore equities, albeit lagging Hong Kong equities, is not aiding yuan so far today. The firmer US yield backdrop is providing an offset along with higher USD levels against the majors. We have 20 and 50-day EMA resistance between here and the 7.2900 level.
  • USD/KRW has followed a similar trajectory to USD/CNH. This pair was last above 1445, also off by around 0.20% versus the USD. Household credit rose in Q4 last year, with the y/y pace firming to multi year highs. BOK Governor Rhee stated the central bank is still in an easing cycle and will consider various factors at next week's board meeting.
  • Spot USD/TWD has rebounded, the pair back close to 32.80. Recent lows just under 32.70 have been supported since late January for this pair.