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BofA European FMS Still Bullish Equities

HUNGARY

Traders Continue To Take Profit on HUF

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US yields fell and the greenback moved lower in the wake of US CPI data yesterday, news flow was light with holiday's in the region next week.

  • CNH: Offshore yuan is higher, USD/CNH losing ground as the greenback retreated.
  • SGD: Singapore dollar continued to gain, moving towards its 2021 highs. Singapore will increase group gathering sizes and allow dining-in at food outlets to resume after aggressive virus restrictions over the past month
  • TWD: Taiwan dollar gained, on track for its fourth straight weekly gain.
  • KRW: Won is higher, BoK Governor Lee said the bank would start to normalize policy when the recovery was assured. Data showed exports remain robust.
  • MYR: Ringgit is stronger, data showed April manufacturing sales rose 72.5% Y/Y while industrial production rose 50.1%.
  • IDR: Rupiah gained, Indonesia's Covid-19 case count increased by the most since Feb yesterday. Local Covid-19 task force spokeswoman Tarmizi said that the gov't wants to start offering jabs to all adults as soon as by the end of this month, while Jakarta earlier said that it was already inoculating the general population.
  • PHP: Peso rose, BSP Gov Diokno said Thursday that Bangko Sentral will maintain loose monetary policy settings "as long as necessary," while remaining on watch for developments in the labour market and any potential impact on inflation.
  • THB: Baht is higher, Thai Parliament approved the gov't's THB500bn borrowing plan to fund economic measures amid the Covid-19 outbreak.