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ASIA FX: SEA FX Mixed, MAS Unchanged In Singapore

ASIA FX
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In South East Asia FX markets, trends have been mixed. USD/PHP is noticeably higher, the pair up 0.35% and above the 57.40 level. This is fresh highs back to first half of August as PHP underperformance continues. Trends have steadier elsewhere. 

  • USD/SGD was higher ahead of the MAS decision, but sits lower now at 1.3055. As expected the MAS held policy settings unchanged. The central bank does appear to be getting more comfortably with the inflation backdrop, likely paving the way for a 2025 easing. The timing could well depend on the growth backdrop.
  • USD/IDR was above 15600 in early dealings but now sits back at 15580 unchanged. the better tone to China related equities as the afternoon has progressed has likely helped at the margins. New PM Prabowo is also reportedly considering offering current Finance Minister Indrawati a cabinet post (per RTRS). This would likely allay some concerns around policy continuity post Jokowi.
  • USD/MYR is holding above 4.2900, slightly above end levels from last week. 

 

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In South East Asia FX markets, trends have been mixed. USD/PHP is noticeably higher, the pair up 0.35% and above the 57.40 level. This is fresh highs back to first half of August as PHP underperformance continues. Trends have steadier elsewhere. 

  • USD/SGD was higher ahead of the MAS decision, but sits lower now at 1.3055. As expected the MAS held policy settings unchanged. The central bank does appear to be getting more comfortably with the inflation backdrop, likely paving the way for a 2025 easing. The timing could well depend on the growth backdrop.
  • USD/IDR was above 15600 in early dealings but now sits back at 15580 unchanged. the better tone to China related equities as the afternoon has progressed has likely helped at the margins. New PM Prabowo is also reportedly considering offering current Finance Minister Indrawati a cabinet post (per RTRS). This would likely allay some concerns around policy continuity post Jokowi.
  • USD/MYR is holding above 4.2900, slightly above end levels from last week.