Doubts Over Global Recovery Spurs Risk Off

A general risk off tone and gains in USD saw most USD/Asia crosses gain again.

• CNH: Yuan is weaker after hovering around neutral levels for most of the session, there are reports doing the rounds that China will speed up coronavirus vaccination to offer free shots for its entire population having already dished out around 80m doses.
• SGD: Singapore dollar has weakened further in Asia. Resistance is seen at 1.3480 which was challenged several times last week. Data yesterday showed CPI rose above estimates, the MAS said much of the increase was driven by a hike in petrol duty, while the increase in core prices was due to an increase in services costs as well as higher food inflation
• TWD: Taiwan dollar is weaker, USD/TWD above the 28.50 handle for the first time since December 3. Following earlier reports that Intel was to invest around $20bn on two new chip plants in Arizona, Taiwan's EconMin Wang has said Taiwan is not threatened by Intel's massive investment in new chip plants.
• KRW: The won is weaker, posting the worst losses in Asia, USD/KRW hitting the highest since March 15. Coronavirus cases have risen above 400 again. BoK Gov Lee was positive on the economy but reiterated the accommodative stance.
• INR: Rupee has weakened, there are some concerns over a pickup in the number of coronavirus cases in India; active infections in have continued to climb, there were over 40,000 fresh cases in 24 hours. New infections have been exceeding single-day recoveries since March 11.
• IDR: Rupiah is lower, declining for the first time in five days. FinMin Indrawati told parliament that pandemic will further delay Indonesia's turnaround with GDP figures expected to show the economy has shrunk.
• MYR: Ringgit is weaker, USD/MYR stopping short of attacking the nearby 200-DMA. Malaysia and Singapore confirmed that they are working on reciprocal vaccination certification in a bid to reopen travel between the two countries.
• PHP: Peso is weaker, stock outflows have continued for the 25^th day, markets look ahead to the BSP rate announcement tomorrow.
• THB: Baht is lower, hitting the lowest since November. Markets look ahead to BoT rate announcement after market today. The bank are expected to leave their key interest rate unchanged at the record low after holding fire for six straight meetings.