Free Trial

Benefits From Higher Risk Appetite

ASIA FX

The greenback fell to the lowest levels since early March as risk assets rose, a surge in metals also helped support EM FX.

  • CNH: Yuan gained, a report from a government think tank sees GDP growth at 8% this year. Repo rates also rose as the PBOC held off injecting liquidity again even as demand rise ahead of holiday's next week.
  • SGD: Singapore dollar strengthened, building on gains after a strong CPI report on Friday. Markets await the industrial production figures later today.
  • TWD: Taiwan dollar rose, USD/TWD dipping below the 28.00 handle, it remans to be seen if the rate will close below the level, but NDF's indicate further TWD upside.
  • KRW: The won strengthened as coronavirus cases fell back below 600, health authorities warned of tighter restrictions should case numbers pick up gain. GDP data awaits participants tomorrow.
  • MYR: Ringgit gained, public support for PM Muhyiddin remains high and stable, according to the latest poll from Merdeka Center. Muhyiddin's approval rating slipped to 67% this month from 68% in March, still up from January's 63%. 70% of respondents were satisfied with the gov't's Covid-19 policies.
  • IDR: Rupiah is stronger, the ASEAN summit held over the weekend brought no game-changers. Indonesia pushed for a Myanmar-led dialogue on the ongoing political crisis in that country and joined Vietnam in calling for the resumption of bilateral negotiations on the delineation of the border between their EEZs.
  • PHP: Peso is higher, Philippine National Task Force Against Covid-19 said it expects delayed batches of Covid-19 vaccines supplied through the COVAX facility to be delivered next month, with 7-8mn doses due to arrive.
  • THB: Baht bucks the trend and is weaker, Thailand's Public Health Emergency Operation Centre held an emergency meeting Sunday to discuss the resurgence of the local Covid-19 outbreak. Public Health Ministry off'l told the media that the gov't is planning to implement a new colour-coded system of targeted restrictions, which will effectively involve tighter curbs.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.