Forex - Asia Close Highlights

 08:45 (GMT) 20 Jun

  [Forex Highlights]

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Asia Close Highlights (0100-PZYP-C01)

20 June 2017

Regional Backdrop:

In a 180 degrees reversal from the move seen on Monday, all Asian currencies fell against the USD. PHP suffered the biggest loss as stop losses were triggered above the 50.00 mark, as the currency ultimately suffered a loss of 0.35% against USD. KRW was not too far behind with a loss of 0.24%. IDR was the best performer, staying almost flat on the day with a loss of 0.01%.

Onshore USD/CNY climbed steadily higher, going to a high of 6.8329 from 6.8205. While 1Y NDFs also went to 7.0105 from 6.9955, 1Y NDF points actually went lower to below 18 big figures, which signals traders' apprehension about future CNY weakness.

The high in USD/SGD was limited to 1.3879 from 1.3853, with technical resistance at 1.3885-90 still untouched at time of writing.

USD/IDR was once again seen hovering wither side of 13300, with no momentum in either direction. IDR suffered only a 0.01% loss against the USD.

USD/INR opened slightly higher at 64.4850 vs last close of 64.4250 seen previously on Monday. However, the pair later drifted lower to wobble around 64.4700 by midday.

Market Psychology

USD/CNY - 1Y NDF points should stay within +1500 to +2000 points through to the end of June, with a slight downward bias.

USD/SGD - With stops above 1.3890 short lived, we expect to see prices on a 1.3900 handle soon.

USD/IDR - We do not expect the pair to deviate too far from the 13300 handle through to the end of June, with no macro drivers sighted.

USD/INR - Upside is likely to remain restricted by offers at 64.5000. Downside pressures in USD/INR are likely to return, even as the 64 big figure should continue to support on central bank intervention.

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