Won Outperforms, Aided By Tech Equity Gains, CNH Steady

USD/Asia pairs are mostly lower, albeit with fairly modest moves overall. The won is the best performer, up around 0.30% at the stage (1 month NDF). Better tech sentiment is likely aiding the move. CNH has largely held steady, not drifting far from the 7.2000 level. More modest gains have been seen elsewhere. The equity tone in SEA has been more cautious relative to NEA, which tend to have more tech plays. Tomorrow, we have China new house prices for Jan, Thailand customs trade data, Malaysia CPI and Singapore inflation as well.

• USD/CNH sits a touch below 7.2000, having largely been on the sidelines today. Equity sentiment has been mixed as markets digest recent support measures and regulatory shifts. We are tracking firmer in the afternoon session though, with potential positive spill over from tech related gains in Japan and US Nasdaq futures (post Nvidia's result).
• 1 month USD/KRW has tracked lower, albeit modestly. The pair last around 1327, +0.30% firmer in won terms. Onshore equities are modestly higher, but tech sentiment will be lending some support, based off the above news. Earlier the BOK held rates steady at 3.50% as expected. The BoK Governor doesn't see a rate cut in H1, while scope for H2 cuts will depend on how data in may evolves.
• USD/TWD has firmed a touch, last to 31.54, the Taiwan currency not enjoying positive spill over from tech moves at this stage. The Taiex has risen around 0.90%.
• In SEA, the IDR is up modestly, last near 15610, up 0.15% for spot rupiah. Better equity trends globally will be aiding risk appetite (although local stocks are around flat). USD/INR is back to 82.90/95, but remains within recent ranges. The simple 200-day MA is near 82.84 and we haven't been meaningfully below this level since July last year. PMI prints suggested a continued firm growth backdrop.