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ASIA FX: Dollar Firmer Against SEA FX, USD/THB & USD/MYR Close To Dec Highs

ASIA FX
BulletEM BulletAPACEmerging Market News

In South East Asia FX, the USD has mostly been on the front foot. Baht has lost close to 0.60%, MYR is down 0.30%, while PHP has lost 0.20%. IDR is close to flat, while USD/INR is a touch higher. The elevated US yield backdrop, coupled with weaker yuan and yen levels are weighing on sentiment. Regional equities are also struggling for positive outside of positive tech trends. 

  • USD/THB is back to 34.65, close to late Dec highs above 34.67. Beyond this level we have the 35.00 figure level, which was last tested in mid Nov. Thailand inflation printed slight below expectations for Dec, but was back within the central bank's target band. This is reinforcing the central bank's watch and wait approach, despite domestic onshore pressure.
  • USD/MYR has probed above 4.5100, last near 4.5150, which is right on late Dec highs. The simple 200-day MA is around  4.5325 on the topside.
  • USD/PHP continues to recover from the late 2024 pullback sub 58.00, the pair back to 58.30/35 in the first part of Monday trade. USD/IDR is relative steady, holding under 16200. USD/INR is up to 85.80/85, fresh record highs, but Rtrs noted intervention related flows to curb the rise.  
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In South East Asia FX, the USD has mostly been on the front foot. Baht has lost close to 0.60%, MYR is down 0.30%, while PHP has lost 0.20%. IDR is close to flat, while USD/INR is a touch higher. The elevated US yield backdrop, coupled with weaker yuan and yen levels are weighing on sentiment. Regional equities are also struggling for positive outside of positive tech trends. 

  • USD/THB is back to 34.65, close to late Dec highs above 34.67. Beyond this level we have the 35.00 figure level, which was last tested in mid Nov. Thailand inflation printed slight below expectations for Dec, but was back within the central bank's target band. This is reinforcing the central bank's watch and wait approach, despite domestic onshore pressure.
  • USD/MYR has probed above 4.5100, last near 4.5150, which is right on late Dec highs. The simple 200-day MA is around  4.5325 on the topside.
  • USD/PHP continues to recover from the late 2024 pullback sub 58.00, the pair back to 58.30/35 in the first part of Monday trade. USD/IDR is relative steady, holding under 16200. USD/INR is up to 85.80/85, fresh record highs, but Rtrs noted intervention related flows to curb the rise.