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Hugging Ranges

ASIA FX

Most Asia EM FX sticking to narrow ranges amid broadly directionless trade and mixed risk sentiment.

  • CNH: Offshore yuan is flat, the PBOC fixed USD/CNY at 6.4300, 13 pips above sell-side estimates. Elsewhere the PBOC will maintain the continuity and stability of its monetary policy to support the uneven recovery and manage external risks, said the Economic Daily in a commentary in an attempt to ease concerns of monetary tightening.
  • SGD: Singapore dollar is flat, hugging a narrow range all session after testing support in US hours. Participants look ahead to CPI data on Monday and GDP data on Tuesday next week.
  • TWD: Taiwan dollar is stronger, reversing a portion of yesterday's move. Taiwan lawmakers are expected to review a bill today to add a further TWD 210bn to help protect the economy from the pandemic after the latest developments
  • KRW: The won is higher, the best performer in Asia. Data earlier showed PPI rose 5.6% Y/Y in April compared to the 3.9% rise in March, the April print denoted the biggest gain since 2011 and was attributed to higher commodity prices. Other data showed exports rose 53.3% in the first 20 days of May, compared to 45.4% in the April period. Imports rose 36.0%.
  • MYR: Ringgit is stronger, PM Muhyiddin chairs a meeting today to discuss implementing a nationwide Movement Control Order (MCO), Bernama reported Thursday citing Law Min Takiyuddin. Meanwhile, Malaysia's fourth-largest city Ipoh was placed under a full lockdown for two weeks from Saturday.
  • IDR: Rupiah is marginally stronger, data showed Indonesia's Q1 current account deficit widened more than expected to $1bn against an expected $0.73bn. Elsewhere Bank Indonesia intervened in FX spot & DNDF markets on Wednesday & Thursday and pledged to remain in the market to "smooth volatility".
  • PHP: Peso is higher, BSP Gov Diokno said that the Philippines' piling debt should not affect sovereign credit ratings, as the nation's external debt-to-GDP ratio remains "well below" the threshold, which would put the central bank on alert. He added that the debt profile is balanced with regard to maturity, currency composition and creditor base.
  • THB: Baht is flat, PM Prayuth will chair a meeting of the national Covid-19 task force today. The panel is expected to discuss extending Covid-19 state of emergency.

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