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ASIA FX: SEA FX Ending The Week Firmer, IDR & THB Up

ASIA FX
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Most South East Asia currencies are firmer against the USD in the first part of Friday trade.  This is in line with the slightly stronger tone of the G10 against the USD, although aggregate moves are modest. Equity sentiment is mostly positive in SEA markets, but again overall moves are modest. 

  • USD/THB is down around 0.25%, the pair last near 33.10/15. The baht is tracking a little over 0.60% firmer for the week. The earlier BoT cut has done little to disturb baht sentiment. The government is planning on more fiscal stimulus before year end to tourism areas impacted by floods (per RTRS) and is hoping for growth of 3% this year and +3% next year. Levels wise for USD/THB 33.00 is likely to be targeted on the downside, we are sub the 20-day EMA near 33.24.
  • USD/MYR is only down a touch and holding above 4.3060 in latest dealings. Data earlier showed that export growth in Sep fell into negative territory, the first such fall since March of this year. It is in line with generally softer trends in export growth throughout the region.
  • USD/IDR is softer, the pair back under 15470, up around 0.35% in IDR terms. The rupiah is the best performing EM Asia currency over the past week. Equity inflows have improved, while bond flows have not been negative, despite a resilient USD/Yield backdrop. Policy continuity from the local government may be aiding sentiment. USD/IDR could target 15400 on the downside.
  • USD/PHP is back to 57.65, having met some resistance above 57.90 in the past week. 
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Most South East Asia currencies are firmer against the USD in the first part of Friday trade.  This is in line with the slightly stronger tone of the G10 against the USD, although aggregate moves are modest. Equity sentiment is mostly positive in SEA markets, but again overall moves are modest. 

  • USD/THB is down around 0.25%, the pair last near 33.10/15. The baht is tracking a little over 0.60% firmer for the week. The earlier BoT cut has done little to disturb baht sentiment. The government is planning on more fiscal stimulus before year end to tourism areas impacted by floods (per RTRS) and is hoping for growth of 3% this year and +3% next year. Levels wise for USD/THB 33.00 is likely to be targeted on the downside, we are sub the 20-day EMA near 33.24.
  • USD/MYR is only down a touch and holding above 4.3060 in latest dealings. Data earlier showed that export growth in Sep fell into negative territory, the first such fall since March of this year. It is in line with generally softer trends in export growth throughout the region.
  • USD/IDR is softer, the pair back under 15470, up around 0.35% in IDR terms. The rupiah is the best performing EM Asia currency over the past week. Equity inflows have improved, while bond flows have not been negative, despite a resilient USD/Yield backdrop. Policy continuity from the local government may be aiding sentiment. USD/IDR could target 15400 on the downside.
  • USD/PHP is back to 57.65, having met some resistance above 57.90 in the past week.