MNI China Daily Summary: Friday, October 11

MNI: GERMANY SEP FINAL HICP -0.1% M/M; +1.8% Y/Y

MNI: PBOC Net Drains CNY183.8 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.0731 Fri; +3.03% Y/Y

CHINA PBOC CONDUCTS CNY94.2 BLN VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.0731 FRI VS 7.0742

MNI: GERMAN SEP CPI +1.6 % Y/Y

MNI: UK AUG TRADE BALANCE GBP -0.95BN

MNI: UK AUG CONSTRUCTION OUTPUT +0.4% MM, +1% 3M3M, +0.3% YY

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

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ASIA FX: THB & IDR Outperform As Recent USD Gains Pared

ASIA FX
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In South East Asia FX we have mostly seen a paring of recent USD gains, amid follow through from Thursday's US session. Lower front end US yields have helped, while equity sentiment has been mixed. THB has been the standout, up over 1% at one stage, before losing some momentum. 

  • USD/THB got to lows of 33.22, but sits back above 33.30 in latest dealings, still up 0.80%. These lows were very close to the 20-day EMA. The rise in gold prices, coupled with lower US front end yields from Thursday trade has aided THB sentiment. Next week we have the BoT meeting, but the consensus doesn't expect a change at this stage (policy rate currently 2.50%).
  • USD/MYR is only off a touch unable to find much traction sub 4.2900. Earlier data showed manufacturing IP up 4.1%y/y for August, but this was below the consensus estimate of 5.5%. USD/PHP is off around 0.20% last near 57.20/25.
  • USD/SGD has been very steady, currently near 1.3060. Next Monday delivers the MAS policy meeting, although no change is expected in the central bank's policy setting.
  • USD/IDR is down around 0.50%, last under 15590. The pair is playing catch up to softer USD trends, lower front end yields from Thursday. Local equities are also higher, helping sentiment at the margins. 
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In South East Asia FX we have mostly seen a paring of recent USD gains, amid follow through from Thursday's US session. Lower front end US yields have helped, while equity sentiment has been mixed. THB has been the standout, up over 1% at one stage, before losing some momentum. 

  • USD/THB got to lows of 33.22, but sits back above 33.30 in latest dealings, still up 0.80%. These lows were very close to the 20-day EMA. The rise in gold prices, coupled with lower US front end yields from Thursday trade has aided THB sentiment. Next week we have the BoT meeting, but the consensus doesn't expect a change at this stage (policy rate currently 2.50%).
  • USD/MYR is only off a touch unable to find much traction sub 4.2900. Earlier data showed manufacturing IP up 4.1%y/y for August, but this was below the consensus estimate of 5.5%. USD/PHP is off around 0.20% last near 57.20/25.
  • USD/SGD has been very steady, currently near 1.3060. Next Monday delivers the MAS policy meeting, although no change is expected in the central bank's policy setting.
  • USD/IDR is down around 0.50%, last under 15590. The pair is playing catch up to softer USD trends, lower front end yields from Thursday. Local equities are also higher, helping sentiment at the margins.