USD/Asia pairs are mostly lower in the spot space, reflecting some catch up to USD weakness post onshore closes yesterday. NDFs are more muted compared to end NY levels from Wednesday though. A steady yuan, coupled with weaker US equity futures, is likely curbing bearish USD sentiment to a degree.

• USD/CNH volatility remains remain low, the pair not far from 7.2080 in recent dealings. A slightly better equity tone is not helping sentiment, while USD/CNY onshore spot remains close to 7.2000, with this pair largely ignoring broader USD trends in recent weeks.
• China Feb trade figures have just crossed, with Jan-Feb exports up 7.1% in USD terms, versus a 1.9% forecast. The data can be difficult to interpret given the LNY timing. The YTD trade balance is at $125.16bn, versus $106.8bn forecast. The has helped nudge USD/CNH lower but follow through has been limited.
• Spot USD/KRW is back sub 1330, but the 1 month NDF couldn't build on early downside momentum sub 1326. We are back to 1327.5, only marginally firmer in yen terms for the session. Spillover from yen gains is fairly limited at this stage. Local equities are back to slightly down for the session, after posting earlier gains.