Chinese Inflation Figures Take Focus In Muted Asia Trade

Mixed session for Asian EM currencies, with little in the way of regional news to digest, apart from the closely watched Chinese inflation data.

• CNH: USD/CNH continued to lose altitude as China released its inflation data, which showed that the global commodity boom boosted factory-gate inflation to the fastest pace since 2008. A beat in PPI was coupled with a miss in CPI, as consumer prices rose 1.3% Y/Y. Spot USD/CNH remained within yesterday's range, with the in-line PBOC fix ignored by the redback.
• KRW: The won remained softer, despite trimming its initial losses. South Korea's Q1 GDP was revised higher, despite expectations for no change vs. flash readings. Unemployment unexpectedly ticked higher in May, as higher participation outweighed employment growth.
• MYR: The ringgit remained resilient amid some encouraging signs surrounding the local Covid-19 situation. Malaysia's King invited party leaders for consultations on handling the outbreak of the disease.
• IDR: The rupiah was rangebound. Indonesia's official consumer confidence index rose 2.9% M/M to 104.4 in May.
• PHP: The peso shrugged off the release of wider than expected Philippine trade deficit, underpinned by slower than forecast imports and exports growth.
• THB: The baht outperformed in muted Asia trade, with further talk re: gradual reopening of borders to foreign tourists doing the rounds.
• SGD: USD/SGD slipped, moving away from yesterday's peak, amid thin local headline flow.
• TWD: USD/TWD crept higher, briefly showing at a fresh monthly high, as the Taiwanese dollar struggled.