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Won Leads Gains In Asia, Sino-U.S. Talks Take Focus

ASIA FX

Chinese Vice Premier Liu held a "pragmatic, candid and constructive" talks with U.S. Tsy Sec Yellen. Relatively positive language of official communique supported risk appetite and left participants assessing the state of Sino-U.S. relations.

  • CNH: USD/CNH dipped in reaction to headlines surrounding talks between Liu & Yellen. The pair printed an intraday low of CNH6.3755 before trimming losses. Elsewhere, the PBOC fix fell 11 pips above sell-side estimate.
  • KRW: The won outperformed in the region, as risk-on flows outweighed a miss in South Korea's Q3 GDP. Director-General at the BoK's statistics dept told reporters that the GDP outturn "is not something to worry much about," as the imminent transition to living with Covid-19 and fuel tax cut will support consumption in Q4. Elsewhere, FinMin announced a record 20% reduction to fuel taxes and the suspension of LNG import tariff for 6 months.
  • THB: USD/THB printed worst levels since mid-Sep but then moved away from there, ahead of the release of Thailand's Customs trade data.
  • SGD: In Singapore, participants awaited monthly industrial output data. The Singdollar was rangebound.
  • PHP: The peso held a narrow range. Questions surrounding the potential for Davao Mayor Sara Duterte replacing one of the current presidential candidates did the round.
  • MYR: USD/MYR slid to a six-week low amid chatter of strong stock inflows on Monday.
  • IDR: The rupiah lost ground amid limited local headline flow.
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