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ASIA FX: SEA FX Weaker, IDR & MYR Again Lead

ASIA FX
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South East Asia currencies have mostly softened against the USD, with IDR and MYR, the two weakest performers. The break higher in USD/CNH above 7.1500, to fresh multi month highs hasn't helped sentiment, while higher beta plays are also weaker in the G10 space. 

  • USD/IDR spot is higher, last at 15770, up 0.30%. The pair is quickly closing in on the 15800 level. There are no fresh signs of BI intervention at this stage, with the central bank potentially waiting until later in the week or next week to curb dollar demand. Portfolio flows from offshore investors remain negative for equities and close to flat for bond investors.
  • USD/MYR is above 4.3700, at marginal new highs back to mid September.
  • USD/SGD is back in the 1.3245/50 region, eyeing Aug 7 highs at 1.3291. Earlier data showed a resilient labour market backdrop. This reinforces the on-hold MAS bias, although the 2025 outlook is more likely to be driven by inflation trends.
  • USD/PHP is relatively steady, last near 58.30, tracking within recent ranges.
  • USD/THB is tracking lower, but that followed a stronger close on Monday. The pair last near 33.70/75. Monday highs were near 33.87. The firmer gold backdrop, along with higher yen levels may be helping THB at the margins. 
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South East Asia currencies have mostly softened against the USD, with IDR and MYR, the two weakest performers. The break higher in USD/CNH above 7.1500, to fresh multi month highs hasn't helped sentiment, while higher beta plays are also weaker in the G10 space. 

  • USD/IDR spot is higher, last at 15770, up 0.30%. The pair is quickly closing in on the 15800 level. There are no fresh signs of BI intervention at this stage, with the central bank potentially waiting until later in the week or next week to curb dollar demand. Portfolio flows from offshore investors remain negative for equities and close to flat for bond investors.
  • USD/MYR is above 4.3700, at marginal new highs back to mid September.
  • USD/SGD is back in the 1.3245/50 region, eyeing Aug 7 highs at 1.3291. Earlier data showed a resilient labour market backdrop. This reinforces the on-hold MAS bias, although the 2025 outlook is more likely to be driven by inflation trends.
  • USD/PHP is relatively steady, last near 58.30, tracking within recent ranges.
  • USD/THB is tracking lower, but that followed a stronger close on Monday. The pair last near 33.70/75. Monday highs were near 33.87. The firmer gold backdrop, along with higher yen levels may be helping THB at the margins.