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IDR Snaps Winning Streak, TWD Rally Rolls On

ASIA FX
  • CNH: Offshore yuan is flat and keeping to a tight range with an in-line PBOC fix giving it no clear directionality.
  • SGD: Singapore dollar is flat, on the coronavirus front there were 92 new cases on Wednesday, holding below the key 100 figure for a second day.
  • TWD: Taiwan dollar is higher for the fourth day, the focus of the session today is CPI, the headline Y/Y figure is expected at 1.81% in July from 1.89% in June which was the highest since 2013.
  • KRW: Won is slightly stronger, on the coronavirus front there were 1,776 new cases on Thursday, above 1,700 for the second day. Social distancing rules will be reviewed on Friday.
  • MYR: Ringgit is flat, all eyes on Malaysia's political turmoil and Covid-19 situation. A tug of war between PM Muhyiddin and UMNO Pres Zahid stole the limelight yesterday, with the two seen at odds as to whether Muhyiddin government still has the backing of majority of lawmakers.
  • IDR: Rupiah is weaker for the first day in six, data showed GDP rose 3.31% in Q2 against estimates of 2.69% Q/Q.
  • PHP: Peso declines. BSP Gov Diokno reiterated his familiar position, noting that CPI is expected to ease back to within the target range by the year-end. The central bank said yesterday that "further adjustments on the RRR remain on the table".
  • THB: Baht hovers around neutral, The Bank of Thailand on Wednesday voted 4 to 2 to leave benchmark policy rate unchanged at the record low of 0.5%, with one MPC member absent, data showed CPI rose 0.45% Y/Y missing estimates of a 0.88% increase.
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