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Weaker Tone For CNH & KRW But We Remain Within Recent Ranges

ASIA FX

USD/Asia pairs are mostly higher, albeit to varying degrees. This is line with a stronger USD tone against the majors (BBDXY nearly +0.20% at this stage), as the US FOMC comes into focus.

  • Weaker equity sentiment, led by US tech futures (following late earnings misses in US trade). Regional equities are mostly lower. HK and China markets are away from lows though.
  • The China PMIs were close to expected, although the manufacturing side remains entrenched in contractionary territory. We also saw a downtick in the price measures, input prices to 50.4, from 51.5, while output prices eased to 47.0 from 47.7.
  • USD/CNH didn't react much to the prints, the pair last near 7.1900 and within recent ranges.
  • 1 month USD/KRW is higher, weaker in won terms by around 0.50%, back into the 1333/34 region. Weaker equity sentiment locally and more broadly, particularly in the tech space is weighing. Earlier we had better than expected IP growth, with chips leading the way. Tomorrow, we get January full month trade data.
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