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Greenback Outperforms Asia EM FX

ASIA FX

The U.S. dollar caught a light bid during the final Asia-Pac session of the week, providing mild support to USD/Asia crosses.

  • CNH: Offshore yuan softened. Participants digested the latest raft of PBOC rhetoric and an in-line yuan fixing.
  • KRW: The won underperformed amid broader greenback strength. South Korea's PPI inflation reached a 13-year high.
  • IDR: Spot USD/IDR promptly clawed back its opening losses. Indonesia said it will tighten curbs for the year-end holiday season. Bank Indonesia kept its 7-Day Reverse Repo Rate unchanged on Thursday, in line with expectations.
  • MYR: Spot USD/MYR continued to test its 100-DMA, but struggled to stage a clean break above that moving average.
  • PHP: The peso traded on a softer footing, after BSP kept its key policy rate on hold, as expected by virtually all analysts.
  • THB: Spot USD/THB ticked away from a multi-week low printed on Thursday. The baht has been the best performer in the region this week.
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