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ASIA FX: SEA FX Weaker, But Most USD/Asia Pairs Off Late Oct Highs

ASIA FX
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South East Asia currencies have mostly lost ground against the USD in the first part of Friday trade, albeit with moderate losses. The weaker regional equity backdrop has been a headwind, with little positive spillover from firmer HK/China markets. The weaker yen trend in the yen space, has been an additional headwind.

  • USD/THB is up nearly 0.40%, last near 33.87. This is right on recent highs, with a clean break higher likely to see 34.00 round figure support targeted. Outside of the yen loss, we have also seen a weaker gold backdrop, another cross asset headwind for THB. The MoF is looking at ways of easing the local debt burden, per RTRS reports. part of this could include asking the BoT to ease loan to value ratios. The PMI eased back to 50.0 from 50.4,  
  • USD/MYR has been supported on dips. After reaching lows of 4.3640, the pair is back above 4.3800, still shy of end Oct levels near 4.4000. 
  • USD/IDR is a little higher, last near 15725, also short of late Oct highs. Data showed CPI headline towards the bottom end of BI's 1.5-3.5% range, but core inflation was sticky above 2%. The PMI remained sub the 50.0 expansion/contraction point. 

 

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South East Asia currencies have mostly lost ground against the USD in the first part of Friday trade, albeit with moderate losses. The weaker regional equity backdrop has been a headwind, with little positive spillover from firmer HK/China markets. The weaker yen trend in the yen space, has been an additional headwind.

  • USD/THB is up nearly 0.40%, last near 33.87. This is right on recent highs, with a clean break higher likely to see 34.00 round figure support targeted. Outside of the yen loss, we have also seen a weaker gold backdrop, another cross asset headwind for THB. The MoF is looking at ways of easing the local debt burden, per RTRS reports. part of this could include asking the BoT to ease loan to value ratios. The PMI eased back to 50.0 from 50.4,  
  • USD/MYR has been supported on dips. After reaching lows of 4.3640, the pair is back above 4.3800, still shy of end Oct levels near 4.4000. 
  • USD/IDR is a little higher, last near 15725, also short of late Oct highs. Data showed CPI headline towards the bottom end of BI's 1.5-3.5% range, but core inflation was sticky above 2%. The PMI remained sub the 50.0 expansion/contraction point.