Free Trial

Won Leads Losses, Yuan & Peso Hold Firm

ASIA FX

Most Asia EM currencies faltered, catching up with yesterday's risk-off dynamics, but Chinese yuan and Philippine peso showed resilience.

  • CNH: Spot USD/CNH slipped and is poised to snap its uninterrupted six-day winning streak. China's President Xi urged his officials to boost infrastructure spending, giving another indication of the authorities' increasingly stimulatory approach.
  • KRW: South Korean won led losses in Asia EM FX space as onshore markets absorbed overnight risk-off impetus. Spot USD/KRW gapped higher at the re-open, punching through the KRW1,260.00 figure.
  • IDR: The rupiah held a tight range, refusing to test yesterday's extremes. Reminder that Indonesia clarified the scope of its imminent palm oil export ban, noting that it will not affect CPO shipments.
  • MYR: Spot USD/MYR crept higher, lodging a fresh two-year high. Malaysia was expected to announce relaxed Covid-19 standard operating procedures.
  • PHP: Spot USD/PHP lost ground, moving further away from key resistance located at PHP52.500. President Duterte turned down his U.S. counterpart's invitation for a White House summit with other ASEAN leaders.
  • THB: The baht extended its rout despite BoT's warnings on rapid FX moves and better than expected trade data from Thailand's Customs Dept, which showed that trade surplus unexpectedly widened in March on the back of a solid beat in shipments.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.