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Won Gains In Muted Asia Trade

ASIA FX

A number of Asian financial centres were closed in observance of public holidays, which limited liquidity across Asia EM FX space.

  • CNH: Offshore yuan wobbled as participants assessed local Covid-19 developments and prepared for the upcoming FOMC policy meeting. Spot USD/CNH jumped as Beijing closed over 40 metro stations but then pulled back sharply, before trimming losses.
  • KRW: Spot USD/KRW re-opened on a softer footing. The pair clawed back some losses as North Korea conducted another missile test, firing an apparent ballistic missile towards the East Sea.
  • PHP: Spot USD/PHP crept higher, narrowing in on key resistance from PHP52.500. The Marcos-Duterte tandem keeps a comfortable lead over rivals ahead of the May 9 election.
  • Markets were closed in mainland China, Indonesia, Malaysia and Thailand.
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