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ASIA FX: THB & MYR Down Nearly 1%, IDR Weaker, But BI Prepared To Intervene

ASIA FX
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In South East Asia (SEA) FX, we have USD outperformance, as markets play catch up with continued USD gains. Compared to North East Asia, we have seen slightly largely USD losses for some currencies in the past weak. Less central bank push back or rhetoric may be in play. 

  • USD/THB crested above 35.00 earlier and is holding above this level currently. This is around 0.95% weaker in baht terms for the session and levels last seen in mid August. We suspect some parts of the Thailand government will be happy, given onshore calls for a weaker FX. BoT may not be too concerned either given the low inflation/growth backdrop. A short while ago, data on consumer confidence edged up for Oct. The headline measure rose to 56.0, the first gain since Feb this year.
  • USD/MYR is up by close to the same amount as USD/THB in percentage terms, the pair closing in on 4.4900. Like USD/THB we are also in overbought conditions. The RSI (14) is at +75.
  • Spot USD/IDR has broken above earlier Nov highs, last near 15880/85, also back to mid August levels. A BI official has been on the wires (RTRS), stating that the CB would take measures to stabilize the FX, including intervention. They did note the relative recent outperformance from the IDR though. 
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In South East Asia (SEA) FX, we have USD outperformance, as markets play catch up with continued USD gains. Compared to North East Asia, we have seen slightly largely USD losses for some currencies in the past weak. Less central bank push back or rhetoric may be in play. 

  • USD/THB crested above 35.00 earlier and is holding above this level currently. This is around 0.95% weaker in baht terms for the session and levels last seen in mid August. We suspect some parts of the Thailand government will be happy, given onshore calls for a weaker FX. BoT may not be too concerned either given the low inflation/growth backdrop. A short while ago, data on consumer confidence edged up for Oct. The headline measure rose to 56.0, the first gain since Feb this year.
  • USD/MYR is up by close to the same amount as USD/THB in percentage terms, the pair closing in on 4.4900. Like USD/THB we are also in overbought conditions. The RSI (14) is at +75.
  • Spot USD/IDR has broken above earlier Nov highs, last near 15880/85, also back to mid August levels. A BI official has been on the wires (RTRS), stating that the CB would take measures to stabilize the FX, including intervention. They did note the relative recent outperformance from the IDR though.