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Mixed performance for Asia EM currencies again today, the rupiah outperformed its peers and gained for the fifth session.
- CNH: Offshore yuan is slightly weaker, buy holding the majority of last week's gain. Coronavirus concerns are becoming more of an issue; there were 61 cases in the past 24 hours, up from 55 the day before. As a result of the steadily increasing numbers millions of people have been placed under lockdown.
- SGD: Singapore dollar is a few pips stronger, on the coronavirus front case numbers remain elevated, there were 106 new cases yesterday. The current restrictions will be reviewed in early August.
- TWD: Taiwan dollar is stronger, there were 14 new cases on Monday, but Health Minister Chen warned that although the local COVID-19 outbreak has been relatively well controlled there is little possibility of further easing.
- KRW: Won is hovering around neutral levels, CPI earlier was above estimates and higher than the BoK targets for the third month. Markets will look to the BoK minutes later in the session for any clues as to how the fourth wave of coronavirus has affected the outlook and opinions of BoK members.
- MYR: Ringgit is flat. Malaysia declared record highs in both Covid-19 fatalities (219) and patients treated in intensive care units (1,063) on Monday, but there were some positive news as well. The PM announced restrictions will be relaxed in several areas from Aug 4.
- IDR: Rupiah is stronger, outperforming its peers from Asia EM FX space, even as officials decided to extend the multi-tiered lockdown restrictions. Bond inflows are adduced for some of the gain as US yields drop.
- PHP: Peso gained, Philippine unemployment rate remained at 7.7% in June, amid upticks in participation and underemployment.
- THB: Baht is weaker. Ministers are expected to debate further relief measures today after the recent extension & expansion of lockdown measures. The gov't said Monday that residents of the 16 provinces added to the lockdown.