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Asia EM Space Sees Stabilisation, Peso Leads Gains

ASIA FX

Wednesday brought a spell of stabilisation for Asia EM currencies as participants awaited further in Russia-Ukraine situation.

  • CNH: Spot USD/CNH posted a brief uptick but is back to neutral levels. A marginally stronger than expected PBOC fix failed to affect offshore yuan.
  • KRW: The won gave away its initial gains, returning to virtually neutral levels. South Korea's daily Covid-19 cases hit another record, exceeding 170k new infections.
  • IDR: Spot USD/IDR held a tight range, with domestic headline flow providing little of real note.
  • MYR: Spot USD/MYR recouped its opening downtick. Malaysia said it aims to pass constitutional amendments against party hopping by late March.
  • PHP: The Philippine peso caught a bid, outperforming all of its regional peers. It may have drawn support from the fact that Metro Manila mayors unanimously backed easing Covid Alert Level in the capital region.
  • THB: The baht slipped as Thailand's daily Covid-19 cases rose to a six-month high, with the main virus response task force set to debate loosening countermeasures. The minutes from the BoT's most recent monetary policy meeting showed that the central bank attributed THB volatility to normalisation prospects.
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