US dollar suffer early losses against Asian FX in early trade today

The US dollar suffered early losses against Asian FX this morning but came off earlier lows to trade back up near its opening highs toward the afternoon. Early dollar pressure was attributed to broader improvement in risk sentiment but erratic performance in regional stocks kept safe haven assets in demand, providing the dollar some relief.

Pre-holiday short-covering also helped dollar-Asian pairs in their recovery, dealers said. Dollar-sing fell early to a Sgd1.2486 low on anticipation of a strong reading of non-oil domestic exports but rebounded after the data showed a surprise fall.

The pair was last at Sgd1.2509, just off the initial low of Sgd1.2510. Dollar-won was holding up near its Krw1039.03 session high so far, currently at Krw1038.54 ahead of the close, in line with broader theme in US dollar vs Asian FX.

Dollar-won needs a break above Krw1040 to continue further recovery toward Krw1047.3 resistance that represents the previous 2013 low. Dollar-baht carved out a Thb32.16 to Thb32.35 range through today's session, and was last at Thb32.21.