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CNY Outperforms; IDR, KRW, MYR Lag


Most Asia FX weakens against the US dollar, the yuan is the notable exception which has continued to strengthen even after a weaker fix from the PBOC.

  • The IDR is one of the laggards, struggling after data earlier showed retail sales index in Southeast Asia's largest economy dropped for the third consecutive month in November falling 16.3%. IDR has touched a 3 week low, which has prompted Bank Indonesia to intervene. USD/IDR last at 14173, off session highs of 14025.
  • MYR has also weakened after reports that Malaysia declared a state of emergency until August 1 to fight coronavirus, no elections will take place until the emergency is lifted. The timing is suspect amid political infighting in the country.

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