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ASIA FX: USD/CNH Ahead of Dec Data Tomorrow, USD/KRW Rebounds On Dovish BoK Hold

ASIA FX
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In North East Asia, CNH has remained steady, while the won has given up gains following BoK's surprise on hold outcome. USD/TWD is back sub 33.00, likely seeing some benefit from the onshore tech led equity bounce. 

  • USD/CNH has been very steady, largely ignoring broader USD trends. Spot was last close to 7.3480, little changed for the session. Onshore spot remains above 7.3300. The CNY fixing was steady, while onshore equities are up a touch. Tomorrow we get monthly Dec activity, along with house prices. The bounce in services PMIs for Dec points to better China retail sales. Focus will also be on housing momentum and signs of stabilization in activity metrics. Q4 GDP also prints.
  • The BoK surprised the market, keeping rates on hold. FX stability is a key focus point given onshore political turmoil BoK Governor Rhee noted. Spot USD/KRW saw some downside post the decision, getting to lows 1449.70, but sits higher now, last near 1456/57, little changed for the session. The tone from Governor Rhee's press conference was that further policy was coming, which all board members agreed on this as well. This, along with broader stability in USD sentiment, helped lift USD/KRW higher. Rhee also highlighted the downside risks to economic growth
  • Spot USD/TWD is back sub 33.00, with the +2.35% bounce in local equities likely helping sentiment. Local equity outflows have been large this past week, but with TSMC earnings coming up, sentiment could stabilize.  
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In North East Asia, CNH has remained steady, while the won has given up gains following BoK's surprise on hold outcome. USD/TWD is back sub 33.00, likely seeing some benefit from the onshore tech led equity bounce. 

  • USD/CNH has been very steady, largely ignoring broader USD trends. Spot was last close to 7.3480, little changed for the session. Onshore spot remains above 7.3300. The CNY fixing was steady, while onshore equities are up a touch. Tomorrow we get monthly Dec activity, along with house prices. The bounce in services PMIs for Dec points to better China retail sales. Focus will also be on housing momentum and signs of stabilization in activity metrics. Q4 GDP also prints.
  • The BoK surprised the market, keeping rates on hold. FX stability is a key focus point given onshore political turmoil BoK Governor Rhee noted. Spot USD/KRW saw some downside post the decision, getting to lows 1449.70, but sits higher now, last near 1456/57, little changed for the session. The tone from Governor Rhee's press conference was that further policy was coming, which all board members agreed on this as well. This, along with broader stability in USD sentiment, helped lift USD/KRW higher. Rhee also highlighted the downside risks to economic growth
  • Spot USD/TWD is back sub 33.00, with the +2.35% bounce in local equities likely helping sentiment. Local equity outflows have been large this past week, but with TSMC earnings coming up, sentiment could stabilize.