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Weakness Across The Board, Fresh Cyclical Highs For USD/CNH & USD/KRW

ASIA FX

Asian FX is weaker across the board today. Much of the focus rests on USD/CNH and USD/KRW, with both pairs making fresh cyclical highs. USD/CNH last tracked above 6.9450, while USD/KRW nearly hit 1372 in spot terms, before modest selling interest emerged. The stronger than expected CNY fixing, coupled with better than expected services PMI print has done little to temper bullish USD sentiment. For the won, the market continues to test the authorities resolve, with earlier jawboning not doing a great so far in today's session.

  • Elsewhere, USD/TWD is above 30.70, which is also fresh highs back to October 2019.
  • USD/SGD is just below 1.4050, eyeing a test of the mid July highs just under 1.4100.
  • THB and PHP are also weaker, albeit slightly less than CNH and KRW.
  • USD/IDR is above 14900, last at 14922, which is above the 50-day MA (14904).
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