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ASIA FX: SEA FX Mixed, Little Fallout For THB Following BoT Cut

ASIA FX
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South East Asia currencies are mixed in the first part of Thursday trade. MYR and THB weaker, while PHP is close to steady.  

  • Market sentiment has been focused on digesting yesterday's central bank decisions. BoT was the biggest surprise, with an unexpected cut, although fallout for THB has been very muted. The pair sits at 33.24 in latest dealings, with highs from yesterday near 33.40. The general sell-side viewpoints are that this is not the start of an aggressive easing cycle from the BoT.
  • USD/THB does look a little lower relative US-TH 2yr government bond yield spreads, but onshore equities are continuing to track higher, up a further 0.7% today, and yesterday saw strong offshore inflow momentum.
  • USD/MYR is back towards recent highs, the pair closing in on 4.3100. USD/CNH has rebounded from earlier lows, although remains sub 7.1400, as markets assess the housing market briefing. Real estate equity indices are off sharply at the lunch time break.
  • USD/PHP is little changed in the 57.70/75 region. The BSP is likely to continue to ease, but in 25bps increments.
  • USD/IDR is back to 15515/20 towards the bottom end of recent ranges. We are little changed on the day, following yesterday's on hold BI outcome. 
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South East Asia currencies are mixed in the first part of Thursday trade. MYR and THB weaker, while PHP is close to steady.  

  • Market sentiment has been focused on digesting yesterday's central bank decisions. BoT was the biggest surprise, with an unexpected cut, although fallout for THB has been very muted. The pair sits at 33.24 in latest dealings, with highs from yesterday near 33.40. The general sell-side viewpoints are that this is not the start of an aggressive easing cycle from the BoT.
  • USD/THB does look a little lower relative US-TH 2yr government bond yield spreads, but onshore equities are continuing to track higher, up a further 0.7% today, and yesterday saw strong offshore inflow momentum.
  • USD/MYR is back towards recent highs, the pair closing in on 4.3100. USD/CNH has rebounded from earlier lows, although remains sub 7.1400, as markets assess the housing market briefing. Real estate equity indices are off sharply at the lunch time break.
  • USD/PHP is little changed in the 57.70/75 region. The BSP is likely to continue to ease, but in 25bps increments.
  • USD/IDR is back to 15515/20 towards the bottom end of recent ranges. We are little changed on the day, following yesterday's on hold BI outcome.