Free Trial

EM Holds Its Own After Holiday

ASIA FX

After an initial decline the greenback picked up from lows, putting pressure on high beta currencies as risk assets lost favour.

  • CNH: Offshore yuan has declined, data earlier in the session showed Caixin Services PMI rose to 54.3 in March from 52.1 previously, this denotes the highest reading since December 2020 and the eleventh consecutive month of expansion. Elsewhere reports the PBOC asked lenders to reign in loan growth over bubble risks have been rerun.
  • SGD: Singapore dollar is stronger, IHS Markit releases Singapore's March whole economy purchasing managers' index falls to 53.5 from 54.9 in Feb, fourth consecutive month of expansion.
  • TWD: Taiwan dollar is stronger, playing catch up after a market closure. Stocks have risen as the global chip shortage wears on.
  • KRW: The won is stronger, hitting the highest in two weeks. Coronavirus cases remain elevated but have dropped below 500, the prospect of further lockdown measures looms.
  • IDR: Rupiah is broadly flat, markets await a speech from Fin Min Indrawati on "Economic Policy in Dealing with COVID-19 Pandemic and Proper Exit Policy"
  • MYR: Ringgit is stronger supported by the rebound in crude oil. USD/MYR hits the lowest in two weeks.
  • PHP: Peso is stronger, CPI rose less than expected in March, Y/Y printed 4.5% against estimates of 4.9%, the print denotes the first slowdown in prices in six months.
  • THB: Market closed.

To read the full story

Close

Why MNI

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.