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Holidays Sap Liquidity, Alibaba Headlines Take Focus

ASIA FX

Offshore yuan gave up its initial gains despite a slip in the U.S. dollar index (DXY), with regional liquidity sapped by numerous market closures.

  • CNH: Speculation surrounding the fate of a Hangzhou individual named "Ma" moved offshore yuan around, partly in tandem with Alibaba shares. The initial CCTV report pointing to cubs being imposed on such person prompted initial redback strength to evaporate. The rate continued to creep higher, even as Alibaba shares regained poise on the back of a subsequent clarification that the tech giant's founder could not be the person targeted by reported measures.
  • KRW: Spot USD/KRW pared its initial gains amid broader greenback sales. South Korea's inflation accelerated more than forecast (again), raising pressure on the BoK to tighten policy further.
  • THB: Spot USD/THB advanced, closing in on its five-year high printed on Apr 28. Pent-up market impetus was in play, as onshore markets re-opened after a long weekend, only to close again on Wednesday.
  • Markets in mainland China, Indonesia, Malaysia, India and the Philippines were closed in observance of public holidays.
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