CPI Data Helps Boost Won While Others Struggle

A stronger greenback has seen some pressure on Asia EM FX, will equity outflows have also seen some currencies sustain losses. Overall mixed performance in quiet trade with several markets, including mainland China, closed today.

• SGD: Singapore dollar weakened, USD/SGD meeting resistance at yesterday's highs. Markets look ahead to PMI and retail sales data tomorrow.
• TWD: Taiwan dollar strengthened, but is off best levels due to heavy outflows from the Taiex as the tech sector sees selling.
• KRW: The won is stronger, rising after inflation data showed prices rose at the fastest pace since 2017 and above the BoK's 2% target. The increases were driven by a low base effect for commodities and agricultural prices.
• IDR: Rupiah is stronger, with little in the way of headline flow technical drivers remain in focus, after rate failed to consolidate above the neckline of a head & shoulders pattern, despite recently forming a golden cross.
• MYR: Ringgit is lower, Federal Territories Min Annuar said that several state gov'ts have asked central authorities to reimpose MCOs to arrest the spread of new Covid-19 infections. Annuar said that the gov't will study these requests before making decisions, while it sees targeted MCOs as an appropriate measure for several localisations across Kuala Lumpur.
• PHP: Peso has fallen slightly and hovers near 2.5 month lows, President Duterte was joined by vaccine czar Galvez, who said the gov't is in talks for the delivery of 4mn doses of the Sinovac jab & 2mn Sputniks this month.