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China Inflation Data Shrugged Off, Asia FX Bid As Omicron Musings Take Focus

ASIA FX

The Asia-Pacific caught up with Wednesday's comments from Pfizer/BioNTech, who said a lab study showed that their Covid-19 booster jab generates sufficient immunity against the Omicron variant. The news generated an initial risk-on impulse. An early Japanese study pointing to the high transmissibility of the new variant was a fly in the ointment, but USD/Asia crosses generally continued to trade below neutral levels.

  • CNH: USD/CNH went offered despite a considerably softer than expected yuan fixing, which missed sell-side estimate by 31 pips, the most since mid-Oct. China's inflation data were mixed and provoked no tangible market reaction, as consumer price growth accelerated less than expected, while factory-gate inflation slowed less than forecast.
  • KRW: Spot USD/KRW operated in negative territory, as positive musings surrounding the global Covid-19 situation yet again overshadowed a worsening local outbreak. South Korea's daily cases stayed above 7,000, while critical cases hit another record high.
  • IDR: Spot USD/IDR reopened lower, seemingly thanks to yesterday's Pfizer/BioNTech comments, but trimmed losses later on. Domestic headline flow failed to provide much of real note.
  • MYR: The ringgit extended losses to its worst levels since Dec 1, local jobs market data may have provided some incremental support, despite its backward-looking nature. The unemployment rate edged lower in October, while participation expanded a tad.
  • PHP: Spot USD/PHP registered its worst levels in more than three weeks, before ticking away from there. The Philippine infectious diseases panel said they are not planning to implement a face shield mandate anytime soon, despite the emergence of a new coronavirus variant.
  • THB: Spot USD/THB went offered and approached its 50-DMA, but stopped short of testing that moving average. Thailand's consumer confidence improved to 44.9 in November from 43.9 recorded in the previous month. Comments from BoT Gov Sethaput were eyed.
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