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ASIA FX: SEA FX Mixed, Baht Continues To Rally, Business Group Warns On Impact

ASIA FX
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South East Asian currencies have also mostly seen some weakness against the USD. Overall losses are modest though. This follows fairly strong gains through the tail end of last week against the dollar. THB is the standout the other way though, up a further 0.50% against the USD at this stage. 

  • USD/THB got to lows of 32.87 in early dealings and we sit slightly higher in latest dealings. These levels were last seen in early 2023. Lows at that time were at 32.57. A firmer gold price, which has risen to fresh record highs today is likely helping sentiment, while carry over USD weakness from the end of last week is another positive. Still, onshore business groups voiced concerns today around the recent baht outperformance trend. The central bank response, if any, will be in focus.
  • USD/MYR is little changed, last just under 4.2100, up from last week's lows near 4.1800. Malaysia’s CPI slipped to +1.9% you for August, a modest drop from the prior month and estimates. Whilst it does not appear that the BNM has been in a rush to cut rates, today’s print likely opens the door to that possibility at their next meeting on November 6th.
  • USD/SGD is little changed. The pair was last near 1.2900, just up from recent lows. The firmer than expected August CPI data should work against any near term easing risks.
  • USD/IDR is firmer by around 0.30%, the pair last near 15190/95. Lows from last Friday remain intact at 15080. 

 

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South East Asian currencies have also mostly seen some weakness against the USD. Overall losses are modest though. This follows fairly strong gains through the tail end of last week against the dollar. THB is the standout the other way though, up a further 0.50% against the USD at this stage. 

  • USD/THB got to lows of 32.87 in early dealings and we sit slightly higher in latest dealings. These levels were last seen in early 2023. Lows at that time were at 32.57. A firmer gold price, which has risen to fresh record highs today is likely helping sentiment, while carry over USD weakness from the end of last week is another positive. Still, onshore business groups voiced concerns today around the recent baht outperformance trend. The central bank response, if any, will be in focus.
  • USD/MYR is little changed, last just under 4.2100, up from last week's lows near 4.1800. Malaysia’s CPI slipped to +1.9% you for August, a modest drop from the prior month and estimates. Whilst it does not appear that the BNM has been in a rush to cut rates, today’s print likely opens the door to that possibility at their next meeting on November 6th.
  • USD/SGD is little changed. The pair was last near 1.2900, just up from recent lows. The firmer than expected August CPI data should work against any near term easing risks.
  • USD/IDR is firmer by around 0.30%, the pair last near 15190/95. Lows from last Friday remain intact at 15080.