BNY Mellon On Asia FX Flows

BNY Mellon notes THB selling this past week in the aftermath of the election:

• "iFlow currency flows over the past week were mixed and light. Worth noting, however, were developments in THB and SGD. THB posted a significant turnaround to outflows, ending a strong buying streak since the end of March. We think the outflows could have been triggered by profit taking, as well as lingering uncertainties over politics despite the overwhelming win by the opposition parties in the general election. SGD, by contrast, remains in strong demand: it had the highest weekly scored flows the across the iFlow Universe over the past week. Another interesting observation is that CNY profitability measures entered positive territory for the first time this year, this following the recent CNY underperformance. Note that CNY is underheld at scored holdings of -0.85 on the week. IDR is the only overheld and profitable currency in APAC."
  "In the equity space, demand for China equities continued for a third consecutive week, after a selling trend since the end of February. In fixed income, iFlow recorded broad outflows from government bonds, the most in India and Malaysia. Korea govvies saw small demand."