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Holiday Market Closures Limit Activity Across Asia

ASIA FX

Market closures in several Asian economies (China, South Korea, Taiwan) and shortened trading hours in others (Malaysia, Hong Kong) limited activity on Monday.

  • CNH: Spot USD/CNH crept higher after initially holding a very tight range. The rate tested Jan 27 two-week high of CNH6.3758 but struggled to make much headway beyond there. China's Caixin Manufacturing PMI released over the weekend unexpectedly slipped into contractionary territory.
  • IDR: Spot USD/IDR re-opened on a firmer footing, but trimmed gains thereafter. Domestic headline flow was light.
  • MYR: The ringgit inched higher, despite a rise in Malaysia's daily Covid-19 cases (but not hospitalisations or ICU admissions).
  • PHP: Spot USD/PHP extended its pullback from hey resistance at PHP51.500, printing its worst levels in two weeks. The peso gained after the Philippine Covid-19 task force eased curbs in Metro Manila and several other areas.
  • THB: The baht faltered, even as Thailand's factory output grew faster than forecast. BoP current account balance & trade balance are due later in the day.
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