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Baht The Worst Performer In Mixed Session For Asia EM FX


A mixed session for Asia EM FX, PMI data showed a general slowdown, but activity remained expansionary and there a was a pace increase for a for countries.

  • CNH: Offshore yuan slightly weaker but sticking to a narrow range. Caixin manufacturing PMI misses estimates, the July print comes in at 50.3 below expectations for 51.0, the slowest rate for 16 months.
  • SGD: Singapore dollar slightly stronger, on the coronavirus front case numbers have picked up slightly. There is no weekend data available yet, but there were 131 new cases on Friday. PMI data will be released later in the day.
  • TWD: Taiwan dollar is stronger, data earlier saw IHS Markit Taiwan July Manufacturing PMI rise to 59.7 from 57.6 in June, there was a sharper increases in both output and new work.
  • KRW: Won is weaker, data earlier saw South Korea Markit manufacturing PMI fall to 53.0 in July from 53.9 in June, while the local COVID-19 situation continues to remain a concern to officials.
  • MYR: Ringgit is lower, Malaysia's Markit M'fing PMI improved to 40.1 in July from 39.9 prior, pointing to a second back-to-back month of contraction in the sector.
  • IDR: Rupiah is flat and in a tight range, Indonesia's Markit M'fing PMI took a strong hit in July, with the index falling to 40.1 from 53.5, showing the fastest pace of contraction since June 2020. CPI rose slightly above expectations at 1.52% Y/Y.
  • PHP: Peso is slightly weaker, Bangko Sentral ng Pilipinas Gov Diokno noted that "with cautious optimism, we can say that the worst is over" for domestic economy. His comments were circulated on Friday after the government announced a two-week lockdown in the National Capital Region.
  • THB: Baht is lower, Thailand's Covid-19 task force emerged from an emergency meeting Sunday, announcing an extension to lockdown measures in 13 provinces including Bangkok through Aug 31 and their expansion to 16 further regions from Tuesday. Restrictions include bans on dine-in services and inter-provincial travel as well as a night curfew.

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