ASIA FX: USD/KRW Still Close To 1470 As Weaker Yen Offsets Equity Bounce

In North East Asia FX, aggregate moves in FX haven't been large, amidst multiple cross asset trends. USD/CNH probed above 7.1200 but found selling interest. USD/KRW downside has proved fleeting, despite an onshore equity bounce. USD/TWD downside have also proven modest. South Korean and Taiwan shares have surged around 3%, as Nvidia earnings in the US were better than forecast and reduced fears (at least in the near term) around chip/AI bubble concerns. Some offset is coming from higher USD/JPY levels, which is probing through 157.50. The broader USD backdrop still looks supportive amidst firmer yields (although AUD and NZD have ticked higher). 

• USD/CNH is back to 7.1185/90, so still close to session higher. BBG reported earlier that the authorities are considering fresh measures to boost housing demand. Local equities are higher but gains are modest so far. The USD/CNY fixing edged up but the fixing error was also wider.
• Spot USD/KRW got to lows of 1465.9 in the first part of trade, as equity sentiment was positive. We remain supported on dips though, with an upside focus on a move back above 1470. Recent highs have been marked around the 1475 region, but this may see fresh supply from exporters and/or asset managers emerge.
• Spot USD/TWD is a little lower, last near 31.22/23. Earlier we got to fresh multi month highs of 31.26. Focus will be on whether offshore inflows return in large enough size to boost TWD. Note later on we get Taiwan export orders for Oct.