Broad Gains

Most Asia EM currencies gained as risk sentiment turned more positive and the greenback held its post-FOMC declines.

• CNH: Offshore yuan gained, building on Wednesday's advance. CNH was at first slightly weaker by risk sentiment was spurred by a report that China will continue to allow Chinese companies to IPO in the US.
• SGD: Singapore dollar gained. On the coronavirus front PM Lee said he expects that the heightened alert of coronavirus restrictions should be over before Aug. 21.
• TWD: Taiwan dollar is higher, USD/TWD consolidating below the 28.00 handle. There were reports of USD sales from exporters.
• KRW: Won is stronger, there were 1,674 coronavirus cases reported in the past 24 hours, down from a record high of almost 1,900 yesterday. Sentiment was boosted by robust Samsung earnings.
• MYR: Ringgit gained, the Malaysian FinMin Zarful said the 2021 fiscal deficit may rise between 6.5%-7% of GDP, and will seek parliament approval to lift the debt ceiling. Zarful also said GDP would likely miss earlier estimates.
• IDR: Rupiah bucked the trend and declined. Although Indonesia's daily Covid-19 cases eased further, the death toll continues to climb. The local press flagged concerns surrounding Indonesia's reporting and counting methods, with Jakarta Post noting that "the government [does not include] deaths outside of healthcare facilities in its daily official tally".
• PHP: Peso is higher, the Presidential Palace announced that Metro Manila will remain under General Community Quarantine (second-loosest level) with heightened restrictions in the first two weeks of Aug, despite the increase in new Covid-19 infections.
• THB: Baht strengthened, despite coronavirus woes. Thailand logged its highest daily number of new Covid-19 cases today, adding 17,669 infections. It was also Thailand's deadliest day, with 165 new fatalities. This comes after Wednesday's record-breaking increase in new cases.