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ASIA FX: MYR Weakness Persists, Off 6% For Oct, IDR Steadier

ASIA FX
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In South East Asian markets, the MYR is notably weaker, while trends elsewhere are steadier. The recovery in USD/CNH has likely been a ringgit headwind, while higher beta FX in the G10 space continues to weaken as well. Regional equity markets are also down, with China/HK markets off the most.

  • USD/MYR is around 0.35% higher, the pair last near 4.3940. Highs for the session rest at 4.3975, levels last seen around mid August. This keeps the ringgit broadly in line with other currencies in the region, which have weakened back to similar levels from an historical standpoint in recent sessions.
  • The ringgit is tracking as the weakest EM Asia currency for October though, off a little over 6%. Revised Fed expectations, US election risks and uncertainty around China stimulus all likely factors. The ringgit was up 4.8% in Sep as well.
  • USD/IDR is down slightly, bucking the trend of weaker higher beta FX trends so far today. We were last near 15740, with recent highs at 15778 remaining intact.
  • USD/THB has drifted a little higher, but in latest dealings remained under 33.80. The Bot Mins suggested the recent rate cut was to put rates around neutral. The FinMin and BoT also agreed to next year's inflation target being 1-3% (so no change). The BoT also stated it was closely monitoring THB moves (per BBG).
  • USD/PHP has been quite steady, the pair last near 58.31. 
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In South East Asian markets, the MYR is notably weaker, while trends elsewhere are steadier. The recovery in USD/CNH has likely been a ringgit headwind, while higher beta FX in the G10 space continues to weaken as well. Regional equity markets are also down, with China/HK markets off the most.

  • USD/MYR is around 0.35% higher, the pair last near 4.3940. Highs for the session rest at 4.3975, levels last seen around mid August. This keeps the ringgit broadly in line with other currencies in the region, which have weakened back to similar levels from an historical standpoint in recent sessions.
  • The ringgit is tracking as the weakest EM Asia currency for October though, off a little over 6%. Revised Fed expectations, US election risks and uncertainty around China stimulus all likely factors. The ringgit was up 4.8% in Sep as well.
  • USD/IDR is down slightly, bucking the trend of weaker higher beta FX trends so far today. We were last near 15740, with recent highs at 15778 remaining intact.
  • USD/THB has drifted a little higher, but in latest dealings remained under 33.80. The Bot Mins suggested the recent rate cut was to put rates around neutral. The FinMin and BoT also agreed to next year's inflation target being 1-3% (so no change). The BoT also stated it was closely monitoring THB moves (per BBG).
  • USD/PHP has been quite steady, the pair last near 58.31.