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ASIA FX

Broad greenback weakness saw Asia EM FX gain despite a touch of negative risk sentiment in the region.

CNH: Yuan is firmer after dropping on Monday following an increase in the RRR by the PBOC to 7% from 5% by the PBOC. The PBOC once again fixed USD/CNY above sell side estimates indicating a preference for a weaker yuan. Caixin manufacturing PMI at 52.0 in May was in-line with April.

SGD: Singapore dollar is stronger, USD/SGD is now approaching its 2021 lows at 1.3157. PMI data for Singapore is due tomorrow.

TWD: Taiwan dollar is stronger, but off best levels. Having fallen at the open USD/TWD hit support at 27.50 and has ground higher through the session. IHS Markit Taiwan May Manufacturing PMI 62 vs 62.4 in April.

KRW: Won is stronger, data showed the trade balance widened to $2.925bn, lower than the expected $3.751bn. The gain was driven by exports rising 45.6% in May, lower than estimates of a 48.9% rise but still a robust print and the biggest gain since 1988.

MYR: Ringgit is stronger as the government announced the latest support package for the economy worth MYR 40bn. IHS Markit Malaysia May Manufacturing PMI 51.3 vs 53.9 in April

PHP: Peso is stronger, hovering around its strongest level since 2016. There were reports on the wires earlier that Manila would remain under general quarantine until June 15.

THB: Baht is stronger, IHS Markit Thai May Manufacturing PMI 47.8 vs 50.7 in April. The government announced plans to delay a plan to ease restrictions on some businesses in Bangkok.

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