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Baht Set To Remain Best Asia EM Performer This Week

ASIA FX

Most USD/Asia crosses ebbed lower as the greenback gave up its initial gains. Most pairs were happy to hold tight ranges in quiet Asia-Pac trade.

  • CNH: Spot USD/CNH ground lower only in late Asia-Pac trade as the greenback faltered. The yuan earlier ignored an in-line PBOC fix and a CSJ report noting that China's central bank is expected to boost credit supply and will likely cut RRR rates. The PBOC earlier said that they will use monetary policy tools, including the RRR, to support rural development.
  • KRW: The won kicked off on a softer footing before recouping losses, with participants assessing BoK rate outlook after yesterday's hike.
  • IDR: The rupiah was the worst performer in Asia EM basket amid thin local headline flow.
  • MYR: The ringgit firmed as PM Ismail Sabri unveiled his new Cabinet. FinMin Zafrul and four Senior Ministers retained their posts, while Ismail Sabri did not appoint a Deputy Premier.
  • THB: The baht fared well and is poised to finish the week as the strongest Asia EM currency. Signs that the latest wave of Covid-19 infections is cresting lent support to the currency, with Thailand's Covid-19 task force set to announce decision on relaxing curbs today.
  • PHP: The peso struggled for any momentum after Philippine economic officials warned Thursday that the economic output may not reach its pre-pandemic levels before late 2022/early 2023.
  • SGD: USD/SGD slipped on the back of broader USD weakness as local headline flow failed to rock the boat.
  • TWD: USD/TWD gave up its opening gains. Taiwan and Japan said they expect to deepen cooperation on security matters.
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