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ASIA FX: Won Weakens Further as Korean Uncertainty Continues.

ASIA FX
BulletEM BulletAPACEmerging Market News
  • The weekend has shed limited clarity on the immediate fix for Korean politics as Yoon escapes impeachment but the pressure for him to steps down grows stronger.
  • The Korean Won again is the underperformer versus the USD, down -0.875% in this morning’s trade, to be over 2% down in the last five trading sessions.
  • The USD/CNY fix printed at 7.1870, versus a Bloomberg consensus of 7.2614 as November CPI came in weaker than expected and the November PPI remains firmly in negative territory.
  • Indonesia’s rupiah has had a very quiet start to the week opening at 15,851 in line with where it closed on Friday, touching the 20-day EMA.
  • The Ringgit too has had a quiet start to the week opening in line with Friday’s close at 4.4230. Having been weak in recent months, the last week has seen a somewhat more stable MYR which will be welcomed by the Central Bank.
  • In India, the ongoing support of the Rupee by the Central Bank resulted in a fairly stable week last week ahead of the decision on monetary policy on Friday where the RBI kept rates steady, but reduced the cash deposit ratio for banks.
  • The Thai Baht and Philippines Peso have been one of the stronger stories for currencies in the region over the last month, standing resolute in front of the USD strength to put in a +1.7% and +0.9% positive return.
  • The Baht is opening stronger today up +0.36%, but the Peso is down -0.52%. 
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  • The weekend has shed limited clarity on the immediate fix for Korean politics as Yoon escapes impeachment but the pressure for him to steps down grows stronger.
  • The Korean Won again is the underperformer versus the USD, down -0.875% in this morning’s trade, to be over 2% down in the last five trading sessions.
  • The USD/CNY fix printed at 7.1870, versus a Bloomberg consensus of 7.2614 as November CPI came in weaker than expected and the November PPI remains firmly in negative territory.
  • Indonesia’s rupiah has had a very quiet start to the week opening at 15,851 in line with where it closed on Friday, touching the 20-day EMA.
  • The Ringgit too has had a quiet start to the week opening in line with Friday’s close at 4.4230. Having been weak in recent months, the last week has seen a somewhat more stable MYR which will be welcomed by the Central Bank.
  • In India, the ongoing support of the Rupee by the Central Bank resulted in a fairly stable week last week ahead of the decision on monetary policy on Friday where the RBI kept rates steady, but reduced the cash deposit ratio for banks.
  • The Thai Baht and Philippines Peso have been one of the stronger stories for currencies in the region over the last month, standing resolute in front of the USD strength to put in a +1.7% and +0.9% positive return.
  • The Baht is opening stronger today up +0.36%, but the Peso is down -0.52%.