I’m reading reports of decent-sized USD/SGD selling interest from option players starting above 1.2650, which is pretty close to where we are currently trading. USD/KRW is steady above 1160 and after some verbal intervention yesterday, dealers expect the BOK to be active should the market try to accelerate higher. Indonesian and Indian central banks were also busy yesterday.
Latam currencies took a hiding overnight with big flows noted into the USD but similarly-sized flows are not being seen in the Asian currencies.
