Ides Of March Do No Favours For EM FX

The greenback has pushed slightly higher, reversing some of the post-FOMC weakness, a fairly quiet session after wild price swings earlier in the week.

• CNH: Offshore yuan is weaker. . Early signs from the US-China summit are not encouraging with both sides choosing to apportion blame in opening remarks.
• SGD: Singapore dollar is stronger, reversing earlier losses. Rocketing yields after a sell off are being adduced as drawing flows to SGD. Singapore now has the highest real yields among AAA countries.
• TWD: Taiwan dollar is weaker; markets digest the CBC rate announcement yesterday. The bank kept rates on hold and said it would maintain easy policy but upgraded growth forecasts.
• INR: Rupee is marginally weaker but has already closed the opening gap. INR is currently the only EM Asia currency holding on to net gains in March. Some analysts are adducing IPOs with high foreign participation as partly behind strength.
• KRW: The won has weakened, wiping out yesterday's gains. The rate remains sandwiched between its 50-day moving average as support and 200-day moving average as resistance, at 1113.32 and 1148.88, respectively.3.034%
• IDR: Rupiah is weaker, on track for a fifth straight weekly loss. Yesterday the BI kept rates on hold and pledged to maintain easy policy, but also said it intends to support IDR.
• MYR: Ringgit is lower, hurt by sharp declines in oil. FinMin Zafrul promised that there will be no more taxes or changes to the existing tax regime any time soon, as the economy goes through the recovery phase.
• PHP: Peso has declined, the gov't will impose limits on restaurants' dine-in capacity and order cinemas, museums, driving schools and some other facilities to shut down for two weeks under new pandemic restrictions.
• THB: Baht is weaker, the government has delayed a decision on restrictions for vaccinated travelers.