Greenback Posts Small Rebound After Weak NFP

Risk assets were generally supported but a rebound in the greenback took the shine off most Asia EM FX.

• CNH: Offshore yuan is weaker, USD/CNH touched a low of 6.4147 before rebounding to highs just below 6.43.
• SGD: Singapore dollar is weaker, but has been more resilient than many of its Asia counterparts. The pair retraced just a small portion of its Friday decline.
• TWD: Taiwan dollar bucks the trend and is stronger, holding opening gains and touching the lowest since May 1997. Data on Friday showed exports continued to surge which saw the trade surplus double expectations.
• KRW: The won is stronger but of best levels seen at opening. Coronavirus cases in South Korea dropped below 500, while South Korean President Moon was upbeat on cooperation with the US in a speech.
• MYR: Ringgit is stronger, Malaysia's ban on all inter-state and inter-district travel take effect today and last until Jun 6. All eyes are on Malaysia's Q1 GDP & BoP current account balance, coming up Tuesday.
• IDR: Rupiah is higher, bank Indonesia April consumer confidence index came in at 101.5, while Danareksa Consumer Confidence improved to 80.1 in Apr from 74.9 recorded in Mar.
• PHP: Peso gained, Philippine agricultural output fell 3.3% Y/Y in Q1, after a 3.8% decline recorded in the final quarter of 2020. The negative reading in Q1 was "was due to the reduction in the livestock and poultry production," said the Philippine Statistics Agency.
• THB: Baht is stronger, late doors on Friday Thailand's Finance Ministry suggested that 2021 GDP growth may be faster than +2.3% Y/Y, owing to a suite of new stimulus measures prepared by the cabinet. Fiscal Policy Office chief said that the Ministry will seek cabinet approval for the first round of stimulus measures this week.