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​Weaker USD Persists, CNH & KRW Outperform ​

USD

USD sentiment remains on the backfoot, with weakness across the board today. The Bloomberg BBDXY index is sub the 50 day MA for the first time since Feb 24th.

  • The catalyst for the sell-off appears continued risk-on flows, with regional equities and US futures all pointing that way.
  • The above-mentioned China Covid/stimulus news the likely driver in the absence of fresh headlines.
  • This may also explain why we have seen some slight outperformance by CNH and KRW relative to high beta G10 FX moves. USD/CNH has seen a sharp drop through 6.6900, more than 0.50% sub NY closing levels, while spot USD/KRW is down by slightly more to be sub 1249. USD/TWD is also down 0.40% to 29.22.
  • AUD and NZD are up 0.25% and 0.35% respectively versus NY closing levels against the USD. Most other Asian FX are up against the USD by this magnitude.
  • EUR, JPY and GBP are also firmer against USD, but by a more modest 0.10-0.15%.
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