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Geopolitical Risk, China's Home Price Data Dent Asia EM Currencies

ASIA FX

Asia EM FX underperformed the greenback across the board amid concerns over the Poland/Russia situation and continued decline in China's new home prices. The Bloomberg/J.P. Morgan Asia Dollar Index (ADXY) snapped a four-day winning streak and pulled back below the 99 mark.

  • CNH: The upswing in spot USD/CNH was facilitated by the release of data on China's new home prices. The value of residential properties fell 0.37% M/M last month, the fastest pace of decline since Feb 2015, after September's 0.28% contraction. The PBOC fix matched the sell-side estimate.
  • KRW: South Korean won was the worst performer in the region amid heightened geopolitical risk associated with a Russian-made missile blast in Poland. There was speculation that the news may have triggered profit-taking after the recent retreat in USD/KRW.
  • IDR: Spot USD/IDR advanced on the eve of Bank Indonesia rate decision, which will likely see policymakers raise the 7-Day Reverse Repo Rate. Palm oil futures operated near unchanged levels.
  • MYR: The ringgit was firmer than its peers from emerging Asia but struggled to gain versus the greenback, even as spot USD/MYR briefly showed below the MYR4.5 figure.
  • PHP: Bangko Sentral ng Pilipinas is expected to deliver the pre-announced 75bp rate hike at tomorrow's meeting. The Philippine peso weakened through the session.
  • THB: The baht faltered as foreign investors were net sellers of Thai stocks for the second consecutive day Tuesday.
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Asia EM FX underperformed the greenback across the board amid concerns over the Poland/Russia situation and continued decline in China's new home prices. The Bloomberg/J.P. Morgan Asia Dollar Index (ADXY) snapped a four-day winning streak and pulled back below the 99 mark.

  • CNH: The upswing in spot USD/CNH was facilitated by the release of data on China's new home prices. The value of residential properties fell 0.37% M/M last month, the fastest pace of decline since Feb 2015, after September's 0.28% contraction. The PBOC fix matched the sell-side estimate.
  • KRW: South Korean won was the worst performer in the region amid heightened geopolitical risk associated with a Russian-made missile blast in Poland. There was speculation that the news may have triggered profit-taking after the recent retreat in USD/KRW.
  • IDR: Spot USD/IDR advanced on the eve of Bank Indonesia rate decision, which will likely see policymakers raise the 7-Day Reverse Repo Rate. Palm oil futures operated near unchanged levels.
  • MYR: The ringgit was firmer than its peers from emerging Asia but struggled to gain versus the greenback, even as spot USD/MYR briefly showed below the MYR4.5 figure.
  • PHP: Bangko Sentral ng Pilipinas is expected to deliver the pre-announced 75bp rate hike at tomorrow's meeting. The Philippine peso weakened through the session.
  • THB: The baht faltered as foreign investors were net sellers of Thai stocks for the second consecutive day Tuesday.