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Asia EM FX Slip, Central Bankers Show Caution

ASIA FX

Overnight demand for the U.S. dollar lent support to USD/Asia crosses, with regional central bankers offering generally cautious rhetoric.

  • CNH: Offshore yuan lost some altitude as China's Covid-19 situation remained worrying, with the PBOC expected to loosen policy in attempt to soften the blow to the economy.
  • KRW: The won wobbled around neutral levels, with all eyes on the confirmation hearing of BoK Governor-nominee Rhee, who vowed to be careful not to damage the economy while adjusting monetary policy.
  • IDR: The rupiah held a very tight range ahead of Bank Indonesia monetary policy decision. There was some confusion around the time of the announcement, but it was eventually reverted to the original schedule. Policymakers are widely expected to stand pat on rates.
  • PHP: The peso was the worst performer in the Asia EM basket, following the release of underwhelming overseas remittances data on Monday.
  • THB: The baht fell to a three-week low after the BoT pledged to maintain an accommodative policy and stay prudent while making further decisions.
  • MYR: Malaysian markets were shut in observance of a public holiday.
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