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ASIA FX: Spot THB & IDR Rally, USD/PHP Backs Away From 59.00 Test

ASIA FX
BulletEM BulletAPACEmerging Market News

In South East Asia FX, we have seen firm spot gains for THB and IDR, but this has largely reflected catch up to USD weakness post yesterday's onshore close. USD/THB is testing support at some key EMAs, but we have seen a definitive break through. Support is sub 34.40 in the near term. USD/IDR is back to 15860. This is close to the simple 200-day MA, but recent ranges remain intact for now. 

  • USD/PHP is a little lower, last near 58.60/65. This leaves us away from a 59.00 test in the near term, but it is still a key upside resistance point. The good fiscal news this week, in terms of the S&P outlook change, is helpful, but arguably we need to see a trend improvement in the trade position to aid the PHP backdrop (outside of a sharp shift lower in the USD). BSP Governor Remolona stated yesterday that a slip to 60.00 for PHP was possible.
  • USD/MYR has been relatively steady, the pair last near 4.4440, unchanged for the session. 
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In South East Asia FX, we have seen firm spot gains for THB and IDR, but this has largely reflected catch up to USD weakness post yesterday's onshore close. USD/THB is testing support at some key EMAs, but we have seen a definitive break through. Support is sub 34.40 in the near term. USD/IDR is back to 15860. This is close to the simple 200-day MA, but recent ranges remain intact for now. 

  • USD/PHP is a little lower, last near 58.60/65. This leaves us away from a 59.00 test in the near term, but it is still a key upside resistance point. The good fiscal news this week, in terms of the S&P outlook change, is helpful, but arguably we need to see a trend improvement in the trade position to aid the PHP backdrop (outside of a sharp shift lower in the USD). BSP Governor Remolona stated yesterday that a slip to 60.00 for PHP was possible.
  • USD/MYR has been relatively steady, the pair last near 4.4440, unchanged for the session.