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Further moderation in concern over the Omicron coronavirus variant and the prospect of more supportive measures from China's policymakers underpinned a risk-on environment, applying pressure to most USD/Asia crosses.

  • CNH: Offshore yuan went bid and surged to its best levels since 2018, as aforementioned risk-on factors overshadowed the latest goings-on surrounding China's troubled real estate sector and the escalating diplomatic boycott of 2022 Beijing Olympics.
  • KRW: Easing sense of concern about the Omicron variant outweighed the deterioration in the local Covid-19 situation. The won was in demand, even as South Korea's daily cases surpassed 7,000 for the first time, while critical cases hit another record high.
  • IDR: Spot USD/IDR retreated, with broader market sentiment in the driving seat. Indonesia's official consumer confidence index rose to the highest point since Jan 2020.
  • MYR: USD/MYR retreated in tandem with most USD/Asia crosses. Domestic news coverage focused on the announcement from Malaysia's Court of Appeals, which upheld the guilty verdict against former PM Najib in 1MDB case.
  • THB: The baht led gains in Asia EM space on dissipating Omicron angst. PM Prayuth played down potential for another lockdown, allowing the local business community to breathe a sigh of relief.
  • PHP: Philippine markets were shut in observance of a public holiday.
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com

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