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Asian currencies have traded with a weaker bias against the USD during today's session.
The main focus has been on USD/KRW, with spot break up through the 1120 level for the first time since early December last year. This has arguably pushed the pair up through downtrend channel resistance which has been in place since late 2011.
This is likely to see the market targeting higher levels in the pair, particularly now that USD/JPY is threatening to break above 122.00.
Westpac notes in a report on Tuesday:
- USD/SGD has continued to push higher, with the pair rising above 1.3850, while USD/MYR 1 month pushed above 3.7100 before selling interest emerged.
- The USD/CNY fix came out slightly stronger than expected at +9 points versus our model estimate of +6 points. However, this was not enough to excite the market as onshore USD/CNY spot has remained comfortably below 6.2650. This has kept USD/CNH offered on moves above 6.2750.
