USD/Asia pairs are mixed in the first part of Friday trade. We are seeing some resilience in North East Asia FX, led by the KRW. USD/CNH sits off recent highs, despite Biden's election odds tumbling during the first Presidential debate. Elsewhere in South East Asia trends have been steadier, with minimal shifts against the USD. Looking ahead, note on Sunday the official PMI prints for June are out. Both the manufacturing and services side are seen unchanged from May outcomes.

• USD/CNH is back under 7.3000 post a modest gain in CNH terms. The is outperformed the majors, with the USD BBDXY hitting fresh highs for 2024. A lower USD/CNY fix has helped, while onshore equities are firmer. There were some encouraging remarks from China President XI earlier around reforms and becoming more market orientated. This comes ahead of the 3rd plenum in July. Market hopes for big bang reforms/stimulus don't rest high. Risks of a return of Trump as US President will arguably keep USD/CNH dips supported, as risks around trade/higher tariffs will become more heightened.
• KRW sentiment has continued to improve. The 1 month NDF is now sub 1380, up 0.50% in won terms so far today and back under the 20-day EMA. A better tech equity trend has helped, while month end may be seeing some USD sell flows emerge. The authorities are also likely to be on guard against a sharp move higher in the pair through the 1390/1400 region.
• USD/PHP sits down a touch, last under 58.70, which is still reasonably close to recent highs. Yesterday's BSP meeting gave a hint of an August cut, which sell-side analysts states risks undermining the PHP. Recent highs in the pair came just shy of 59.00. The 20-day EMA is near 58.60 on the downside.
• Elsewhere, trends were stable. USD/THB is near 36.86, little changed for the session. Earlier data showed May industrial production was weaker than forecast at -1.54% y/y (+1.85% had been projected). USD/IDR is just under 16400 in recent dealings.