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Free AccessWeaker Trend Persists, ADXY Back To Flat YTD
USD/Asia pairs are generally seeing firmer levels across the board in the first part of trade. The ADXY continues to correct lower, last just under 101.20. The ADXY ended last year at 101.19, so we are back to flat YTD.
- USD/KRW is a stand out, with spot up 1% so far, back into the 1297/98 region. These levels were last seen in mid to late Dec last year. Onshore equities are weaker (Kospi -0.70%), while negative spill over from higher USD/JPY levels, which is tracking firmer US yields higher, is also likely weighing.
- USD/CNH is also through recent highs, with the pair last near 6.8840/50. We aren't too far away from the 100-day EMA (6.9056). There was no push back from the CNY fixing in terms of the weaker yuan trend.
- MYR and THB are off by 0.65% and 0.50% respectively against the USD. USD/MYR is above 4.4300, USD/THB to 34.50.
- PHP is outperforming somewhat, with USD/PHP only +0.30% higher at 55.26/27 and still below yesterday's highs. Hawkish rhetoric following yesterday's +50bps rate hike is likely helping at the margins.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.