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ASIA FX: Early SEA FX Gains Largely Not Sustained

ASIA FX
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In South East East, most USD/Asia pairs are up from earlier lows. This is line with USD/CNH dips being supported, while against the majors, outside of modest yen gains, we haven't seen G10 currencies sustain firmer levels against the USD. 

  • USD/MYR is down slightly, last near 4.3030. Earlier data showed Q3 GDP print stronger than forecast, with 5.3%y/y, versus 5.1% projected. This continues the generally resilient Malaysian economic backdrop. Domestic focus is also likely to rest on potential changes to fuel subsidy scheme. Earlier lows in the pair were at 4.2970.
  • USD/THB has seen more upside momentum compared to prior sessions. From recent lows near 33.09 we have pressed back above 33.25.
  • USD/IDR opened lower but found support near 15430, we sit back at 15475, slightly weaker in IDR terms for the session. Focus is likely to shift to the new Prabowo government, although fiscal discipline is likely to be maintained with Indrawati staying on as Fin Min.
  • USD/PHP also saw early downside momentum, the pair falling to 57.26, but we have rebounded this afternoon, back to 57.45/50, only a modest 0.1% firmer in PHP terms for the session. Friday's strong BoP surplus may have aided early sentiment today. 
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In South East East, most USD/Asia pairs are up from earlier lows. This is line with USD/CNH dips being supported, while against the majors, outside of modest yen gains, we haven't seen G10 currencies sustain firmer levels against the USD. 

  • USD/MYR is down slightly, last near 4.3030. Earlier data showed Q3 GDP print stronger than forecast, with 5.3%y/y, versus 5.1% projected. This continues the generally resilient Malaysian economic backdrop. Domestic focus is also likely to rest on potential changes to fuel subsidy scheme. Earlier lows in the pair were at 4.2970.
  • USD/THB has seen more upside momentum compared to prior sessions. From recent lows near 33.09 we have pressed back above 33.25.
  • USD/IDR opened lower but found support near 15430, we sit back at 15475, slightly weaker in IDR terms for the session. Focus is likely to shift to the new Prabowo government, although fiscal discipline is likely to be maintained with Indrawati staying on as Fin Min.
  • USD/PHP also saw early downside momentum, the pair falling to 57.26, but we have rebounded this afternoon, back to 57.45/50, only a modest 0.1% firmer in PHP terms for the session. Friday's strong BoP surplus may have aided early sentiment today.