Holiday Thinned Trade

Markets in Australia, China, Hong Kong and Taiwan were closed today which kept liquidity thin and the economic docket light.

• CNH: Offshore yuan is slightly weaker having moved in a narrow range. The G7 communique over the weekend criticised China over human rights violations and other sensitive issues such as Hong Kong and Taiwan.
• SGD: Singapore dollar is flat, moving in a narrow range. The pair retook a key resistance level on Friday and now targets 1.3300 before 50-DMA and 100-DMA.
• KRW: Won is weaker, giving back Friday's gains. South Korea reported 399 new coronavirus cases in the past 24 hours, the lowest in over two months.
• IDR: The rupiah is weaker, the gov't is proposing a hike to personal income tax on people earning more than IDR5bn a year.
• MYR: Ringgit fell. Defence Min Ismail Sabri said that the gov't is looking into the possibility of easing some restrictions if the national daily Covid-19 case count falls under the 4,000 threshold.
• PHP: Peso dreclined. CNN Philippines reported that "the Senate Committee of the Whole will resume its hearing to raise questions on the budget allocation for the pandemic response, following the request to add PHP25 billion more on top of the PHP82.5 billion already intended for the purchase of vaccines."
• THB: Baht fell. PM Prayuth announced Saturday that some aesthetics-related businesses in Bangkok will reopen from Monday, as the rollout of the Covid-19 vaccine progresses