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KRW and PHP outperformed in Asia as participants assessed the state of play on the Covid-19 front, amid talk of South Korean exporters selling the greenback ahead of a local holiday.

  • CNH: USD/CNH printed a session high of CNH6.4472 before trimming most gains. USD/CNY 1-year swap points continued to surge, reaching strongest levels in six years.
  • KRW: The won garnered some strength amid talk of USD sales by local exporters ahead of the Chuseok holiday. The currency may have drawn some additional support from the fact that South Korea's Covid-19 case count remained under 1,500, even as the upcoming holiday continues to inspire concerns about potential uptick in virus transmission related to heightened travel activity.
  • PHP: The peso traded on a firmer footing after the government unveiled a fresh Covid-19 strategy for Metro Manila, which relies on more targeted lockdowns covering smaller areas. Interior Sec Ano told CNN Philippines that the capital region will be initially set at Alert Level 4 when the new five-level scheme is implemented on Thursday.
  • IDR: The rupiah stuck to a fairly tight range amid limited local headline flow.
  • MYR: The ringgit treaded water, shrugging off Malaysia's decision to raise the debt ceiling to 65% of GDP.
  • THB: The baht lagged its peers from Asia EM basket, even as Thailand's Covid-19 cases continued to ease, while the government said they may implement measures to boost domestic travel in one month's time.