Published at 02:24 (GMT) 19 Aug
USD/JPY Fixing set at 124.37.
USD/JPY hovering around 124.31-35, with good Japanese, real money, corporates bids at 124 lows. Offers at 124.50-60/80-125.00.
Focus on China stock markets - for any downside risks - though not surprised to hear PKO? PBoC, CSRC, CBRC and NDRC? Though some concerns over how long the government support will last and when it will have to withdraw. With concerns over outlook putting pressure on China stocks - which dropped -6% on Tuesday.
S Korea Vice Finmin Joo Hyung-Hwan says concerns over possible negative impacts on Korean exports over recent CNY devaluation overdone. If CNY devaluation supports Chinese economy and exports; Chinese exports will increase and boost Korean exports as well.
PBoC USD/CNY Fixing at 6.3963, up from Tuesday close of 6.3938, Key level 6.41/6.45/6.5000.
USD/KRW at 1,185.1, little changed from Tuesday close of 1,185.0. Range of 1,184.4 to 1,188.2. Key level still the near 4-year highs of 1,195.5 seen last Wednesday, 12 August. During the "heat" of CNY devaluation and concerns. Focus still on psychological 1,200. Eye any BoK rumours.
JPY/KRW hit 9-month highs of 9.53-9.55 - with higher JPY/KRW welcomed by BoK and Korea MoF. Highest level since Nov 3 2014 9.56. Focus on 9.75/ and the psychological 10.000. Support now at 9.45/9.25.
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