USD/Asia run: Friday London Open
USDKRW 1080 (Friday London open 1081)
USDTWD 28.72 (28.51)
USDCNY 1yr 6.3565 (6.2410)
USDPHP 43.24 (43.23)
USDIDR 8530 (8560)
USDINR 44.96 (45.02)
USDMYR 3.0075 (3.0175)
USDSGD 1.2303 (1.2340)
HK wrap from my G10 trader
Relatively dull session today in Asia with little inspiration from any headline or economic figure. Risk pairs started off at their highs. Eurusd traded through overnight high, few stops got taken out and printed 1.4518. Due to good corporate demands, AUSUSD also charged up to 1.0716 from our open 1.0665. As soon as both pairs touched their highs, the momentum dies and market started to turn around. Aussie dribbled to where it opened and EURUSD back below 1.4490. USDJPY also erased most of the overnight gains as US yields to stay soft. EUR/JPY, GBP/JPY and AUD/JPY are all trading near session lows with little sign of any bounce by time finish up the wrap.
Elsewhere, regional stock markets marginally in the red, down 0.25% on average , gold is steady at 1530 and oil closed barely changed at 100.50.
FLOW
USDJPY selling remain the biggest flow as was end of last week….and post NFP’s remains the desk fav (and therefore most crowded?) position .
Bids stil evident around 80.00.
On the open here we are seeing model buyers of EURCHF 1.2220 lvl…as we noted this at the end of last week too…
Models reducing shorts here still.
ORDERBOOK
EURUSD: looking slightly lighter than usual with a few good offers around the 1.4520 level as USDJPY has gone back to heavy positioning around the 80.50 handle.
EURGBP is also seeing quite a heavy positioning of offers and stops from 0.8880-0.8900 with the OB in Cable light with largely sporadic placement of bids and offers.
USD/Asia run
USDKRW 1081 (Thursday London open 1083)
USDTWD 28.51 (28.64)
USDCNY 1yr 6.2410 (6.3685)
USDPHP 43.23 (43.26)
USDIDR 8560 (8580)
USDINR 45.02 (45.13)
USDMYR 3.0175 (3.0265)
USDSGD 1.2340 (1.2375)
HSBC Global Research