Disparate Performance

The greenback went offered across the board before U.S. markets reopen after the Independence Day.

• CNH: Offshore yuan slightly weaker in a quiet session. The PBOC fixed USD/CNY at 6.4613, in-line with sell side estimates. Markets await inflation data later in the week.
• SGD: Singapore dollar is stronger, on the coronavirus there were six new cases in the past 24 hours. Co-chair of the COVID-19 multi-ministry task force Wong said on Monday that Singapore expects to open up further from July 12.
• KRW: Won is flat, there were 746 new coronavirus cases in the past 24 hours, above 700 for the fourth day with authorities expressing concern over the delta variant and potentially delaying relaxing of restrictions next week.
• TWD: Taiwan dollar is weaker, on the geopolitical front trade representatives from Taiwan and Australia met via video conference and made progress on relations.
• MYR: Ringgit is stronger, Penang became the sixth state allowed to move to phase 2 of the National Recovery Plan after meeting the three criteria set by the central gov't. Restrictions in the state will be eased from Wednesday.
• IDR: Rupiah is slightly stronger, FinMin Indrawati warned that Indonesia's GDP growth could slow to +4.0% Y/Y in Q3 (prev. forecast was +6.5%) as the authorities struggle to contain a surge in Covid-19 infections.
• PHP: Peso is weaker, Philippine consumer-price inflation eased more than expected to +4.1% Y/Y in June from +4.5% recorded in March, April & May. Core CPI rose 3.0% Y/Y vs. 3.3% prior, while consumer prices in the NCR area grew 3.2% Y/Y after a 3.6% increase seen previously.
• THB: Baht Is lower, the latest report from the Federation of Thai Industries said the June industry sentiment index was 80.7 and said the pandemic has affected the sector.