Greenback Reverses Weakness As Yields Rise

US yields climbed to the highest levels in a year which saw the greenback reverse some of its earlier declines as the session wore on. Metals and commodities rose.

• CNH: Offshore yuan weakened, retaking the 6.46 handle. The pair fell as low as 6.4450 pre-fix but reversed as the session wore on and equities sold off.
• SGD: Singapore dollar is slightly stronger, USD/SGD has oscillated around neutral levels amid a lack of local catalysts.
• TWD: Taiwan dollar gained alongside local equity markets. Taiwan's Statistics Bureau increased its estimates for growth and exports on Saturday.
• KRW: The won opened higher but dropped into negative territory as equity markets sold off on the back of weakness in mainland China's equity markets.
• INR: The rupee has strengthened again, USD/INR last at 72.5412. Markets look ahead to the release of RBI minutes later in the session.
• IDR: Rupiah is weaker following weekend news that movement curbs in Java & Bali will be prolonged. The rupiah has found little to no reprieve in the issuance of the implementing rules of Indonesia's investment law overhaul.
• MYR: Ringgitt is stronger, the first batch of Covid-19 jabs arrived in Malaysia on Sunday, allowing the country to begin its inoculation campaign on Feb 24, two days ahead of schedule.
• PHP: Peso is weaker, cementing its reputation as worst performer in Asia for the last two weeks. Pres Duterte will speak this evening and may make an announcement re: easing lockdown restrictions in Manila.
• THB: Baht is weaker, the PM and nine of his ministers survived votes of no-confidence in parliament. But the narrow win has been cited as sign of a looming cabinet reshuffle.