Baht Leads Gains After Confidence Votes

A holiday for US markets kept volumes thin in the Asia-Pac session. Most Asia EM currencies gained amid a positive risk tone, shaking off a bounce in the greenback after its post-NFP decline on Friday.

• CNH: Offshore yuan weakened, reversing some its gains from Friday. The PBOC fixed USD/CNY 9 pips above sell side estimates while talk of a potential RRR cut by the PBOC was doing the rounds.
• SGD: An inside day for Singapore dollar, USD/SGD heads into Europe slightly higher after FinMin Wong announced a pause on plans to loosen virus curbs further.
• TWD: Taiwan dollar is stronger for the sixth straight day, USD/TWD is approaching the 2021 low at 27.50. The strength is attributed to foreign inflows which equated to net purchases of $3.269bn over the course of last week.
• KRW: Won hovers around neutral levels following its biggest advance since February last week. On the coronavirus front there were 1,375 new cases in the past 24 hours, a five-week low based on fewer tests over the weekend.
• MYR: Ringgit gained, Malaysia's Attorney General questioned the need for PM Ismail Sabri to call a vote of confidence to legitimise his government, even as the King asked the Premier to do it "as soon as possible" after his nomination.
• IDR: Rupiah is stronger, Indonesia will again review its Covid-19 restrictions today after loosening curbs last week, as daily cases continue to ease. The country declared 5,403 new infections on Sunday, the lowest count since June 3.
• PHP: Peso weakened, the Philippines declared 20,019 new Covid-19 cases on Sunday, the third day in a row when infections topped 20,000.
• THB: Baht is higher, Thailand's Prime Minister Prayuth Chan-Ocha and five of his ministers survived votes of confidence on Saturday amid continued street protests and infighting within the ruling party.