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ASIA FX: SEA Currencies Targeting Recent Highs Against the USD

ASIA FX

In South East Asia (SEA) FX we are seeing gains across the board. PHP is the stand out up 0.75% in spot terms. This puts USD/PHP back near 56.00. Earlier September lows at 55.88 are not too far away. Lower US yields is certainly helping FX sentiment around the region. US Tsy yields sit -3-4bps lower across the key benchmarks at this stage. With US Vice President Harris deemed the winner of the Presidential debate, the reflation theme has taken a hit today. 

  • For SEA currencies the weaker US yield backdrop has offset equity weakness in parts of the region. Yen gains have also helped. USD/THB is down 0.40% to 33.60/65. Recent lows rest near 33.50.
  • IDR spot is up around 0.35%, with USD/IDR sub 15400. USD/MYR is down by around 0.40% as well, leaving this pair near 4.3240. Recent lows in this pair rest close to 4.3100. 
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