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ASIA FX: USD/IDR Drifts Higher Ahead Of BI, USD/PHP Approaching YTD Highs

ASIA FX
BulletEM BulletAPACEmerging Market News

In South East Asia FX, trends have been mixed, albeit with modest aggregate moves overall. This is consistent with fairly modest moves in the G10 FX pairs as well. 

  • Coming up we have the BI decision in Indonesia, no change is expected, but some forecasters are calling for a rate cut. Our bias is for no change with still continued focus on USD/IDR stability. This pair was a touch higher in latest dealings, last 15860/65, up 0.20% for the session. Recent highs rest at 15943. Earlier Nov lows were close to 15600.
  • USD/PHP has edged higher. Upside focus rests on a test of 59.00 (last near 58.90). There is speculation that intervention will ramp up on any strong break of the 59.00 figure level. BSP Governor Remolona was on the wires. A Dec could happen amid softer growth outcomes, but the BSP is also mindful of inflation risks, so isn't on a predetermined path at this stage. The next CPI print is on Dec 5.
  • USD/THB got to earlier lows of 34.485, but found support, last near 34.56. Earlier lows were around the simple 100-day MA. Economic growth is expected to be stronger next year, aided by fresh stimulus.
  • USD/MYR is a touch lower but has found some support sub 4.4700 in dealings so far today. 
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In South East Asia FX, trends have been mixed, albeit with modest aggregate moves overall. This is consistent with fairly modest moves in the G10 FX pairs as well. 

  • Coming up we have the BI decision in Indonesia, no change is expected, but some forecasters are calling for a rate cut. Our bias is for no change with still continued focus on USD/IDR stability. This pair was a touch higher in latest dealings, last 15860/65, up 0.20% for the session. Recent highs rest at 15943. Earlier Nov lows were close to 15600.
  • USD/PHP has edged higher. Upside focus rests on a test of 59.00 (last near 58.90). There is speculation that intervention will ramp up on any strong break of the 59.00 figure level. BSP Governor Remolona was on the wires. A Dec could happen amid softer growth outcomes, but the BSP is also mindful of inflation risks, so isn't on a predetermined path at this stage. The next CPI print is on Dec 5.
  • USD/THB got to earlier lows of 34.485, but found support, last near 34.56. Earlier lows were around the simple 100-day MA. Economic growth is expected to be stronger next year, aided by fresh stimulus.
  • USD/MYR is a touch lower but has found some support sub 4.4700 in dealings so far today.