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ASIA FX: USD/MYR Higher, Thai FinMin Aims For Higher Growth In 2025

ASIA FX
GlobalEM BulletBulletAPACEmerging Market NewsRegion

In South East Asia, trends are mixed in the first part of Wednesday trade. MYR continues to give back a part of the Aug/Sep gains. The pair was last near 4.4550, still well off earlier YTD highs around 4.8000. Still we are up 8.8% from end Sep lows near 4.0950. 

  • Ringgit is around 0.35% weaker so far today, showing little positive spill over from a slightly firmer yuan backdrop. The authorities have stated they can stabilize FX markets if needed. More resistance may appear around the 4.5000 level, which we broke down through in early August.
  • USD/THB went higher in early trade, but after getting to 34.86 we turned lower, aided by a slightly softer USD tone/stronger yuan. The pair was last 34.70/75, around 0.20% stronger in baht terms. The Thailand FinMin has been on the wires, stating would like to see growth at 3.5% next year (this year's forecast is 2.7%), and inflation back to 2%. It was added the government would stick to fiscal discipline, keeping public debt to GDP sub 70%. More fiscal measures will be discussed next Tuesday (per RTRS & BBG).
  • This implies a role for monetary policy which the FinMin wants to be more accommodative. Local Thailand equities are outperforming so far today, up 0.90%, but remains within recent ranges.
  • Spot USD/PHP has been supported sub 58.70 so far today, while USD/IDR has been relatively steady, last still under 15800.  
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In South East Asia, trends are mixed in the first part of Wednesday trade. MYR continues to give back a part of the Aug/Sep gains. The pair was last near 4.4550, still well off earlier YTD highs around 4.8000. Still we are up 8.8% from end Sep lows near 4.0950. 

  • Ringgit is around 0.35% weaker so far today, showing little positive spill over from a slightly firmer yuan backdrop. The authorities have stated they can stabilize FX markets if needed. More resistance may appear around the 4.5000 level, which we broke down through in early August.
  • USD/THB went higher in early trade, but after getting to 34.86 we turned lower, aided by a slightly softer USD tone/stronger yuan. The pair was last 34.70/75, around 0.20% stronger in baht terms. The Thailand FinMin has been on the wires, stating would like to see growth at 3.5% next year (this year's forecast is 2.7%), and inflation back to 2%. It was added the government would stick to fiscal discipline, keeping public debt to GDP sub 70%. More fiscal measures will be discussed next Tuesday (per RTRS & BBG).
  • This implies a role for monetary policy which the FinMin wants to be more accommodative. Local Thailand equities are outperforming so far today, up 0.90%, but remains within recent ranges.
  • Spot USD/PHP has been supported sub 58.70 so far today, while USD/IDR has been relatively steady, last still under 15800.