A Session Of Two Halves Amid Risk Off

A session of two halves in the Asia session, most USD/Asia EM crosses lower in early trade as the greenback ran into some offers, but equity bourses in the region opened in the red after US stocks wiped out most of the day's gains into the close which negatively impacted sentiment, sending USD higher and sapping the bid in most Asia FX.

• CNH: The PBOC fixed USD/CNY at 6.4605 today, 14 pips above sell side estimates and the twelfth straight fix above the estimate, bringing the total misses in February to +56 pips. Yuan weakened amid comments regarding a trade blacklist from US President Biden's nominee for commerce secretary.
• SGD: Singapore dollar turns lower, USD/SGD runs into resistance at 1.3350. Singapore has given provisional clearance for Moderna's Covid-19 vaccine, the first shipment is expected around March.
• TWD: Taiwan dollar has come off best levels, but is still one of the better performers after earlier touching fresh 23 year lows. After market yesterday Taiwan announced intentions to tighten regulations around the declaration of FX transactions.
• KRW: The won is the worst performer in Asia, the government are said to be holding talks on additional bond sales to finance the extra budget today which has caused some concern.
• IDR: The rupiah weakened, Indonesian FinMin Indrawati pledged to boost stimulus budget this year to IDR619tn from the previously estimated IDR533tn to better support domestic businesses.
• MYR: Ringgitt is lower but has held its ground better than some other currencies, supported by higher oil and jopes the MCO order will be less strict than last time.
• PHP: The peso weaker, Philippine bank lending shrunk 0.7% Y/Y in Dec after expanding 0.4% in Nov. It was the first decline in lending since 2008.
• THB: The baht holding around neutral levels, managing to resist USD strength. The BoT took a unanimous decision to leave its benchmark policy rate unchanged, with little to rock the boat in the accompanying statement.