Gains For Most

A risk on session saw most Asia FX gain, DXY dropped further after dovish testimony from Fed Chair Powell.

• CNH: Yuan is weaker, flows back into Hong Kong stocks are cited after a sharp sell off in Hong Kong stocks yesterday saw CNH gain.
• SGD: Singapore dollar is higher, USD/SGD dropped through 1.32 and has struggled to retake the level.
• TWD: Taiwan dollar is higher, earlier Moody's affirmed Taiwan's rating and upgraded its outlook to positive from stable.
• KRW: The won is stronger, but off best levels. The BoK kept rate on hold at 0.50% as expected and kept growth forecasts unchanged, but upgraded inflation estimates.
• INR: The rupee is slightly lower, USD/INR forwards rose after the RBI exempted some exposure to foreign sovereigns from Large Exposures Framework (LEF).
• IDR: Spot USD/IDR trades near neutral levels, last at IDR14,093, holding above the 50-DMA which gave way towards the back end of last week. S&P commented yesterday that BI's decision to ease lending rules is unlikely to boost loan growth as lenders are battling rising NPLs and collectability issues.
• MYR: Ringgitt is higher, it was reported Malaysia expects to get vaccines from Covax facility from March. Markets shrugged off data yesterday that showed Malaysian deflation decelerated more than expected in January.
• PHP: Markets in the Philippines were closed for a local holiday.
• THB: Baht is slightly stronger, but has moved in a narrow range ahead of a raft of data due later today. Market will digest trade balance, current account balance and foreign reserves.