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ASIA FX: Spot Weakness Mostly Evident In SEA FX

ASIA FX
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In South East Asia FX, trends have been mixed, albeit with a mostly firmer USD backdrop. THB and MYR have lost a little more ground, although more so for the baht. IDR is also weaker in spot terms, although its 1 month NDF is little changed from NY closing levels suggesting today's spot move is catch up with weakness post yesterday's onshore close. The regional data calendar has been empty today. 

  • USD/THB sits close to session highs in latest dealings, last near 32.66. This is close to 0.25% weaker in baht terms. We are still comfortably sub key resistance levels which lie above 33.00. Local equities are weaker by around 0.65%, while offshore investors have sold both local equities and bonds since the start of the week.
  • USD/MYR rests above 4.1600, but is only marginally weaker in MYR terms. Recent highs in the pair rest near 4.1800.
  • UISD/IDR has pushed above 15240, around 0.30% weaker in IDR terms. The 1 month NDF is little changed though at 15265/70, so close to NY close levels from Tuesday trade.
  • The market is awaiting Israel's response to the missile launches from Iran overnight. The return of Hong Kong equities, which have continued to surge, has provided some offset to such concerns and regional equity market weakness elsewhere.  
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In South East Asia FX, trends have been mixed, albeit with a mostly firmer USD backdrop. THB and MYR have lost a little more ground, although more so for the baht. IDR is also weaker in spot terms, although its 1 month NDF is little changed from NY closing levels suggesting today's spot move is catch up with weakness post yesterday's onshore close. The regional data calendar has been empty today. 

  • USD/THB sits close to session highs in latest dealings, last near 32.66. This is close to 0.25% weaker in baht terms. We are still comfortably sub key resistance levels which lie above 33.00. Local equities are weaker by around 0.65%, while offshore investors have sold both local equities and bonds since the start of the week.
  • USD/MYR rests above 4.1600, but is only marginally weaker in MYR terms. Recent highs in the pair rest near 4.1800.
  • UISD/IDR has pushed above 15240, around 0.30% weaker in IDR terms. The 1 month NDF is little changed though at 15265/70, so close to NY close levels from Tuesday trade.
  • The market is awaiting Israel's response to the missile launches from Iran overnight. The return of Hong Kong equities, which have continued to surge, has provided some offset to such concerns and regional equity market weakness elsewhere.