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ASIA FX: USD/KRW Sub Monday Lows, TWD Up, CNH Lags

ASIA FX
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North East Asia currencies have rallied so far in Tuesday trade, with the won and Taiwan dollar outperforming CNH comfortably. Spill over from tech equity gains is likely helping KRW and TWD, while USD/KRW also continues to correct from overbought conditions. 

  • Spot USD/KRW was last near 1351, up around 0.65% in won terms for the session. This puts the pair comfortably sub intra-session lows from Monday's session (just under 1356) and leaves us very close to the 20-day EMA (just under 1450). Back to early Oct, dips sub this support level have been supported in the pair. The RSI (14) continues to correct low, last around 58.
  • Local equities are up around 0.50% (for the Kospi), off earlier highs, as Nvidia's CEO speech in the US failed to ignite fresh tech optimism. Nasdaq futures sit slightly in the red at the time of writing. Offshore investors have bought local South Korean stocks today, but only a modest +$32mn.
  • Spot USD/TWD is back to the 32.70/75 region, up around 0.40% so far in TWD terms today. The Taiex, is holding up over 1% so far today.
  • USD/CNH is back under 7.3400, but above intra-lows from Monday (7.3132). We are up 0.10% in CNH terms. Spot USD/CNY is little changed, holding under 7.3300 at this stage. The USD/CNY fixing was left close to unchanged. China equities are down modestly at the break, following the US blacklisting key tech firms including Tencent overnight. 
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North East Asia currencies have rallied so far in Tuesday trade, with the won and Taiwan dollar outperforming CNH comfortably. Spill over from tech equity gains is likely helping KRW and TWD, while USD/KRW also continues to correct from overbought conditions. 

  • Spot USD/KRW was last near 1351, up around 0.65% in won terms for the session. This puts the pair comfortably sub intra-session lows from Monday's session (just under 1356) and leaves us very close to the 20-day EMA (just under 1450). Back to early Oct, dips sub this support level have been supported in the pair. The RSI (14) continues to correct low, last around 58.
  • Local equities are up around 0.50% (for the Kospi), off earlier highs, as Nvidia's CEO speech in the US failed to ignite fresh tech optimism. Nasdaq futures sit slightly in the red at the time of writing. Offshore investors have bought local South Korean stocks today, but only a modest +$32mn.
  • Spot USD/TWD is back to the 32.70/75 region, up around 0.40% so far in TWD terms today. The Taiex, is holding up over 1% so far today.
  • USD/CNH is back under 7.3400, but above intra-lows from Monday (7.3132). We are up 0.10% in CNH terms. Spot USD/CNY is little changed, holding under 7.3300 at this stage. The USD/CNY fixing was left close to unchanged. China equities are down modestly at the break, following the US blacklisting key tech firms including Tencent overnight.