Free Trial

Dollar Appreciation Keeps Lid On EM FX


A round of upbeat economic data released out of the U.S. on Tuesday continued to lend support to the greenback, allowing it to outperform all regional currencies save for the yuan.

  • CNH: USD/CNH went offered in early trade, but recouped losses as the greenback regained poise. China's Vice Pres Wang noted that the nation "cannot develop in isolation from the world" and therefore will "expand opening up."
  • KRW: The won led losses in the Asia EM basket, pressured by the market impact of solid U.S. data released overnight. South Korean FinMin Hong pledged to step up efforts to stabilise domestic housing market without providing details.
  • IDR: Spot USD/IDR gapped higher at the reopen and extended gains thereafter, in a move driven primarily by USD strength. The gov't said they will use state cash reserves to buy INDOGBs in the market amid continued foreign outflows.
  • MYR: Spot USD/MYR climbed to a 1-month high on the back of broader market impetus, as local headline flow provided no notable catalysts.
  • PHP: Spot USD/PHP crept higher, approaching its 50-DMA. Domestic political goings-on took focus, while participants prepared for tomorrow's BSP MonPol decision.
  • THB: Spot USD/THB inched higher on broader dollar strength.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.