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Free AccessBond Rout Lifts Greenback And Hamstrings Risk Assets
The DXY continued to grind higher, pushing past yesterday's highs ahead of an address from Fed Chair Powell, this coupled with widespread risk aversion saw most Asia EM FX lose ground.
- CNH: PBOC fixed USD/CNY at 6.4758, just 4 pips above sell side estimates. Having peaked into the US close on Wednesday USD/CNH has fallen back slightly, but is holding the majority of its gains from yesterday. A subdued session in a narrow range, the pair last flat at 6.4773.
- SGD: Singapore dollar is weaker, USD/SGD consolidating above the 1.33 handle. Strong resistance awaits at 1.3362, the 100-day moving average, above which the psychological figure of 1.34, which acted as a peak in February, awaits.
- TWD: The Taiwanese dollar strengthened at the open, after central bank smoothing at the close yesterday, the rate has moved in a narrow range after the initial jump lower. The rate came under some pressure today thanks to flows from equity markets, the Taiex dropping sharply.
- KRW: The won is worst performer in Asia today, USD/KRW hitting the highest since November, as the greenback marches higher, despite upward revisions in South Korea GDP and a small beat in CPI figures.
- INR: The rupee opened lower but has quickly regained its footing, USD/INR last at 72.8375 and not far off yesterday's lows at 72.70. INR is expected to come under further pressure today, domestic equity indices are sustaining heavy losses and foreign outflows are expected.
- MYR: Ringitt is weaker, markets await the central bank policy decision due later today.
- IDR: Rupiah is weaker, President Jokowi said there were challenges to hit the 5% growth target this year, while the UK COVID-19 variant has also been found in Indonesia.
- PHP: Peso is weaker, the Dept of Health said they are monitoring the continued increase in daily Covid-19 case counts in Manila and two other areas.
- THB: PM Prayuth said that he expects "only a small change" to the composition of the cabinet at the upcoming reshuffle.
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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.