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FOREX: Baht & Rupiah Strengthen

FOREX
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The BBDXY USD index is only slightly lower and most Asian currencies stronger against USD. In EM Asia, the Korean won has been volatile but the IDR and THB have strengthened significantly against the greenback helped by year-end rebalancing.

  • USDKRW fell to 1465.60 on government commitment to financial stability following continued political instability. Equities are higher.
  • USDTHB is 0.5% lower at 33.94, close to the intraday low. The pair is now down 1.7% since the December 19 peak following the more hawkish sounding Fed. 
  • USDIDR is also down 0.5% to 16158 but off today’s trough of 16142.50. It is down 0.8% since the Fed. The rupiah and baht appear to have benefited from year-end trading, which is light. There hasn’t been market talk of possible central bank intervention.
  • USDCNH has moved in the opposite direction to most other Asian crosses and is 0.1% higher at 7.3073 following a high of 7.3086.
  • US December MNI Chicago & Dallas Fed PMIs and November pending home sales print as well preliminary December Spanish CPI.  
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The BBDXY USD index is only slightly lower and most Asian currencies stronger against USD. In EM Asia, the Korean won has been volatile but the IDR and THB have strengthened significantly against the greenback helped by year-end rebalancing.

  • USDKRW fell to 1465.60 on government commitment to financial stability following continued political instability. Equities are higher.
  • USDTHB is 0.5% lower at 33.94, close to the intraday low. The pair is now down 1.7% since the December 19 peak following the more hawkish sounding Fed. 
  • USDIDR is also down 0.5% to 16158 but off today’s trough of 16142.50. It is down 0.8% since the Fed. The rupiah and baht appear to have benefited from year-end trading, which is light. There hasn’t been market talk of possible central bank intervention.
  • USDCNH has moved in the opposite direction to most other Asian crosses and is 0.1% higher at 7.3073 following a high of 7.3086.
  • US December MNI Chicago & Dallas Fed PMIs and November pending home sales print as well preliminary December Spanish CPI.