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ASIA FX

The greenback dropped slightly after its rise on Wednesday, still performance was mixed across Asia EM FX with a surge in coronavirus cases in several countries affecting sentiment.

  • CNH: Offshore yuan is higher, reversing its earlier move. The PBOC fixed USD/CNY at 6.4464, 3 pips below sell side estimates, indicating a slight preference for a stronger yuan. Just the second fix below estimates in the previous 10 sessions. A PBOC researcher has said that the yuan will continue to appreciate against the greenback in the medium and long term
  • SGD: Singapore dollar is stronger, reversing some of its move lower on Wednesday. On the coronavirus front officials have pushed back on the assertion from a minister in New Delhi that a new variant was discovered in Singapore, saying it was actually the Indian strain affecting Singapore.
  • TWD: Taiwan dollar has firmed, USD/TWD has seen highs of 28.085 and lows of 27.8445 this week, USD/TWD 3-month option volatility is up 19bps so far this week. Gains reverse late losses yesterday, Taiwan extended its soft lockdown to the whole island after the number of new cases outside of the capital rose.
  • KRW: Won is weaker, South Korean President Moon is in the US for a a five-day trip, he will hold summit talks with US President Biden on issues such as North Korea, COVID-19 vaccines and bilateral economic cooperation.
  • MYR: Ringgit is weaker, Malaysia declared a record surge in new Covid-19 cases Wednesday, with 6,075 officially confirmed infections. Malaysia's richest state & economic powerhouse Selangor remained the main contributor to the nationwide tally.
  • IDR: Rupiah is lower, data showed the trade surplus widened as exports rose above estimates. Econ Min Hartarto revealed that Pres Widodo has submitted a letter to lawmakers to begin debate on revisions to tax law. Proposed changes could include a carbon tax & possible tax amnesty.
  • PHP: Peso has declined. The Health Dept said that the number of active Covid-19 cases dropped to the lowest number in over two months.
  • THB: Baht has gained, Thailand imposed restrictions on movement of workers at construction sites and dormitories in Bangkok, after these locations have been identified as Covid-19 hotspots.

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