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Free AccessAsia EM FX Under Pressure, Firmer Than Expected PBOC Fix Ignored
USD/Asia crosses traded on a firmer footing as onshore markets across the region reacted to the overnight risk-off impulse. The PBOC continued to lean against redback weakness via its yuan fixing, but to no avail.
- CNH: Spot USD/CNH shot higher, piercing the CNH6.70 mark for the first time since Nov 2020. Offshore yuan was unfazed by the fact that the PBOC set the USD/CNY reference rate 47 pips below the sell-side estimate, displaying appreciation bias for the fourth time in a row. Worth noting that during Thursday's meeting of Politburo Standing Committee, China's top brass reaffirmed their adherence to Covid-Zero strategy and warned critics against questioning harsh disease-fighting methods.
- KRW: Spot USD/KRW rallied to a fresh cycle high as trading in South Korea resumed after a public holiday. Vice FinMin Lee warned that officials are monitoring markets and stand ready to take stabilisation steps if needed.
- MYR: Spot USD/MYR turned bid, printing its best levels in more than two years, after resistance from Apr 28 high of MYR4.3687 gave way.
- PHP: Spot USD/PHP remained within touching distance from key PHP52.500 resistance level. Local data releases provided no meaningful impetus, amid continued tightening in the labour market coupled with a larger than expected deepening in monthly trade deficit. Reminder that on Monday Philippine voters will cast their ballots in national and local elections.
- THB: The baht went offered, albeit USD/THB failed to attack recent cycle highs. PM Prayuth was scheduled to chair a meeting of the nation's energy policy committee, which could see officials discuss the recently lifted diesel price cap.
- INR: The rupee lost ground in line with regional trend. Participants assessed a BBG source report released after hours Thursday, which noted that the Reserve Bank of India "may extend interest-rate hikes amid worries inflation would exceed its mandated target (...), although a three-quarter point increase is unlikely in the June meeting."
- Financial markets in Indonesia remained closed for holidays.
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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.