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EM FX: EM Asia currencies suffered amid risk off sentiment and some upside in the greenback. The US dollar caught a bid following WSJ reports suggesting that Yellen is expected "to affirm the U.S.'s commitment to market-determined exchange rates when she testifies on Capitol Hill Tuesday, and she will make clear the U.S. doesn't seek a weaker dollar for competitive advantage."
- The yuan saw limited reaction to stronger GDP and Industrial Production data. The PBOC fixed USD/CNY at 6.4845, around 212 pips higher than the previous fix on USD strength. USD/CNH moved higher through the session, last up 101 pips at 6.4949.
- USD/IDR operates +45 at 14,065 after rising in tandem with most of the other USD/Asia crosses.
- USD/THB firmed up at the re-open, as greenback appreciation drove a move higher in USD/Asia. The baht also under some pressure from headlined on Friday where the BoT warn that it may need to revise its 2021 GDP estimate lower, as the latest Covid-19 outbreak weighs on economic recovery. Last trades up 88 pips at 30.115.
- USD/SGD trades 28 pips higher at 1.3325 having reclaimed the 1.33 level. Weakness in SGD limited by strong exports data in the session.
- In South Korea the won is the worst performer in Asia, impacted by the latest Trump pledge to restrict licences to several Huawei suppliers which impacted sentiment South Korea as markets assessed the impact on chip component makers. USD/KRW last up 6.25 at 1105.50.
- USD/MYR is around 115 pips higher on the session at 4.0470, PM Muhyiddin announced that he will form a Covid-19 advisory group, which will help the gov't draft policies to contain the virus.
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