Higher As Greenback Continues Retreat

The greenback retreated for a sixth session, the general negative tone was lifted after a positive speech from Chinese President Xi where he emphasized the need for economic cooperation, rather than a Cold War mentality.

• CNH: Yuan is stronger, advancing after the Xi speech at the economic forum in Boao, the move lower in USD/CNH accelerated after taking out stops around 6.5050. The PBOC kept LPR rates unchanged as expected.
• SGD: Singapore dollar stronger after dropping through yet another resistance level, USD/SGD now at the lowest level since early-March having fallen around 1.6% in April.
• TWD: Taiwan dollar is stronger again, USD/TWD edging perilously close to the 28.00 handle that the central bank has resolutely defended. Officials will reportedly upgrade growth forecasts.
• KRW: Won is stronger, South Korea reported 549 daily new coronavirus cases in the past 24 hours, remaining in the 500s for the second day as health authorities vow to accelerate the country's nationwide vaccination campaign.
• IDR: Rupiah is stronger, markets await the BI decision later today.
• MYR: Ringgit is higher, Malaysian Trade Min Azmin said that a paper on the new investment policy will be tabled to the cabinet today. The new policy was designed to attract more foreign investment and is expected to be swiftly adopted.
• PHP: Peso is stronger. The Philippine regulator approved the J&J Covid-19 jab for emergency use, with vaccine tsar Galvez noting that 10mn doses from J&J are expected. The vaccine produced by India's Bharat Biotech International has also been authorised for emergency use.
• THB: Baht bucks the trend and is weaker amid stock outflows. The BoT said that it stands ready to provide further assistance for businesses hit by the Covid-19 pandemic.