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Although USD is in retreat vs. G10......>

DOLLAR-ASIA
DOLLAR-ASIA: Although USD is in retreat vs. G10 FX, it trades mixed against
Asian EM currencies. The yuan has taken advantage of the weaker dollar. USD/CNH
has sold off, halting only around the psychological CNH7.1000 barrier. CNH & CNY
have drawn support from the weakest PBoC fix in 12 years & the central bank's
announcement of an auction of CNH10bn 6-month bills in Hong Kong on Mar 26.
China's monthly LPR fixing was closely watched, with most expecting reductions
to 1-year & 5-year rates. China surprised by leaving both unchanged.
- USD/PHP has softened after Philippine Pres Duterte asked the Congress to
approve an extra budget to mitigate the fallout from the Covid-19 pandemic.
- Meanwhile, USD/IDR has rallied past IDR16,000 for the first time since 1998.
Indonesian President Joko Widodo ordered the country's financial authorities to
take "all the measures" to stabilise the rupiah.
- USD/KRW has tumbled ~30 figs, playing catch-up to the overnight risk relief.
BoK Gov Lee said that the BoK has all of its measures ready amid a situation
worse than the GFC. He added that the central bank will work on FX swaps with
Japan & others, while the swap line with the Fed is exp. to stabilise mkts.

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