The dollar has rallied across the board, led by USDJPY jumping to 101.75. AUDUSD has traded down to 0.9157 vs. the USD and 1.1148 vs. the NZD while EURUSD has nudged lower to 1.3544. The Indian rupee has outperformed among the EM Asia dollar, rallying 0.6% to 62.515 vs. the USD. USDKRW dropped to a low of 1058.47 in early Asian trading, but official intervention pushed it back up to 1061.66. We judge JPYKRW to be the trigger for this intervention, with the BoK seemingly defending 10.40. Most other dollar-Asia pairs are higher. USDMYR has risen to 3.2246, USDSGD has rallied to 1.2528, USDTHB is up at 31.96, and USDPHP traded 43.91, its highest level since mid-September. In contrast, USDCNY fixed 38pips lower to 6.1342.
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Credit Suisse