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Monday Look Ahead, Markit PMIs, ISMs


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Another risk off session sees most Asia EM currencies under pressure. Several markets closed for public holiday's including Indonesia, Malaysia, Philippines and Singapore.

  • CNH: Offshore yuan is stronger, the PBOC kept LPR rates on hold amid some speculation of a cut. Yuan remains under pressure though after the US attributed the Microsoft Exchange hack to China.
  • SGD: Singapore dollar is weaker, USD/SGD making fresh session highs as we head into European hours. Liquidity has been thin with markets in Singapore closed for a public holiday.
  • TWD: Taiwan dollar is weaker, USD/TWD initially dropped to neutral levels after gapping higher at the open but the move reversed as the session went on. The pair briefly touched the highest since April and remains above 28.00.
  • KRW: Won is weaker. Coronavirus concerns continue to suppress risk assets in South Korea, South Korea reported 1,278 new cases in the past 24 hours, in the 1,200s for the second consecutive day.
  • MYR: Closed for a public holiday. There were reports that Malaysia will announce plans to ease restrictions for those who have been fully vaccinated, after the Hari Raya Haji celebrations today.
  • IDR: Closed for a public holiday. Moody's warned that the surge in new Covid-19 infections observed in Indonesia is credit negative, while GDP growth and the labour market could fall prey to "greater degree of longer-term scarring."
  • PHP: Closed for a public holiday. Pres Duterte said Monday that the Philippines "may need to reimpose stricter restrictions to avoid mass gathering and prevent superspreader events."
  • THB: Baht is lower, Thailand declared 11,784 new Covid-19 cases on Monday, a new record surge, adding further 11,305 cases today. The national virus task force warned that daily cases could soon hit 30,000 and said that the Delta variant has now become the dominant strain in Thailand. Tighter mobility take effect today.