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ASIA FX: In SEA, USD/Asia Pairs Up From Lows, IDR A Laggard On BI Cut

ASIA FX
BulletEM BulletAPACEmerging Market News

Some SEA currencies are firmer, following USD softness post the US core CPI miss on Wednesday. We are mostly up from session lows though from a USD/Asia standpoint. IDR is the clear exception which has weakened following yesterday's surprise rate cut. 

  • USD/IDR spot sits at 16375 in latest dealings, just off session highs. Upside focus will rest on a test of the 16400 level, last seen in June 2024. BI's abrupt shift to focus on growth (as opposed to FX stability) has seen some sell-side forecasters revise up their USD/IDR forecasts. Still, BI comments crossed the wires earlier noting that the rupiah's depreciation remains under control (per RTRS). This suggests some comfort with further depreciation.
  • USD/THB got to lows of 34.48, but sits slightly higher in latest dealings, last near 34.58, still up 0.40% for the session. Recent ranges have held in the pair.
  • USD/PHP is near 58.45/50, up around 0.20% in PHP terms. Likewise this pair is respecting recent ranges. MYR has been very steady, last just under 4.5000. 
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Some SEA currencies are firmer, following USD softness post the US core CPI miss on Wednesday. We are mostly up from session lows though from a USD/Asia standpoint. IDR is the clear exception which has weakened following yesterday's surprise rate cut. 

  • USD/IDR spot sits at 16375 in latest dealings, just off session highs. Upside focus will rest on a test of the 16400 level, last seen in June 2024. BI's abrupt shift to focus on growth (as opposed to FX stability) has seen some sell-side forecasters revise up their USD/IDR forecasts. Still, BI comments crossed the wires earlier noting that the rupiah's depreciation remains under control (per RTRS). This suggests some comfort with further depreciation.
  • USD/THB got to lows of 34.48, but sits slightly higher in latest dealings, last near 34.58, still up 0.40% for the session. Recent ranges have held in the pair.
  • USD/PHP is near 58.45/50, up around 0.20% in PHP terms. Likewise this pair is respecting recent ranges. MYR has been very steady, last just under 4.5000.