IDR Leads Gains, KRW Lags Peers

Most Asia EM currencies higher as the greenback softens at the margin amid a broadly positive risk environment.

• CNH: Offshore yuan is flat, hugging a narrow range through the session. Trade data was better than expected, exports rose 23.1% in yuan terms against expectations of 18.5%.
• SGD: Singapore dollar is stronger, coronavirus concerns linger, there were 235 new local cases yesterday, officials refused to rule out tightening restrictions again.
• TWD: Taiwan dollar is stronger, but off best levels of the session. There is chatter state banks have stepped in to defend the 27.5 level in USD/TWD.
• KRW: Won is slightly weaker. Data earlier showed current account surplus slightly narrowed in July due to reduced trade surplus.
• MYR: Ringitt gained slightly, there were reports that the main opposition alliance Pakatan Harapan told PM Ismail Sabri last week that they would only abstain in a potential confidence vote rather than back the Premier.
• IDR: Rupiah is higher, Indonesia's positive Covid-19 test rate has plunged to a record low. The gov't yesterday extended curbs in Java and Bali through Sep 13 and through Sep 20 in other areas but also decided to relax some restrictions.
• PHP: Peso rose, consumer prices rose 4.9% Y/Y in August after a 4.0% increase in July, topping the BBG estimate of +4.4%. Inflation was fastest since January 2019, with food prices providing a significant driver of headline reading.
• THB: Baht gained, Thailand reported its lowest daily Covid-19 case count since Jul 22, declaring 13,821 new infections.