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Baht Outperforms On Reopening Plans

ASIA FX
  • CNH: Offshore yuan is stronger, clawing back Monday's losses. The PBOC continued its liquidity drain and reports circulated that an RRR cut could come as soon as October. The NDRC said it was pushing for all industrial and commercial users to enter the power trading market, in an orderly way
  • SGD: Singapore dollar is weaker, markets look ahead to the MAS policy announcement and GDP data later this week. Singapore government pushes ahead with travel lanes/reopening plans.
  • KRW: Won is weaker, but off worst levels after the BoK rate announcement. The Bank kept rates on hold at 0.75% but announced two dissenters and indicated that the November meeting was live for another hike.
  • TWD: Taiwan dollar is weaker, USD/TWD rising further above the 28.00 handle. The pair is the highest since May having risen above the 200-DMA late yesterday.
  • MYR: Ringgit is weaker, today marks the last day of the Fourth Session of the 14th Parliament. Lawmakers will debate revoking the emergency ordinances enacted amid the Covid-19 pandemic.
  • IDR: Rupiah is lower, Indonesia slashed its quarantine period for foreign visitors to 5 days for 18 countries amid a further reopening of borders
  • PHP: Peso fell, data showed trade deficit at $3.577bn in August, narrowing a tad from July's $3.659bn, but not enough to match consensus forecast of $3.350bn. Exports grew 17.6% Y/Y, marginally slower than estimated, while imports rose 30.8% Y/Y, topping expectations.
  • THB: Baht bucked the regional trend and strengthened seeing the biggest gain since August 24. The release of Thailand's reopening plan sent the baht flying as onshore markets reopened, with participants enthusiastic about recovery prospects for the local tourism sector.
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