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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play

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The greenback rose after closing at the day's lows, performance was mixed though as local dynamics came into play amid decent risk appetite.

  • CNH: Yuan stuck to a fairly narrow range and heads into the close weaker, the PBOC fixed above sell-side estimates indicating a preference for a weaker yuan after a brief hiatus yesterday. Elsewhere May Caixin services PMI printed 55.1 from 56.3 previously, composite PMI fell to 53.8 from 54.7. There were reports that US President Biden is planning on amending a US investment ban on companies linked to China's military.
  • SGD: Singapore dollar hugged a narrow range and heads into Europe flat, data from IHS Markit showed Singapore MAY PMI at 54.4 from 51.8 previously. Singapore will allow the use of Sinovac Biotech's vaccine after the WTO approved it as part of its emergency use listing. There were 34 new cases reported in the past 24 hours, the highest since May 24.
  • TWD: Taiwan dollar strengthened, bouncing from the biggest decline in three-weeks yesterday and helped by firmer risk appetite and gains in the Taiex.
  • KRW: The won strengthened but is off best levels. Government ministries and state agencies have requested a 6.3% hike in their budgets for next year as they seek to cope with post-pandemic economic recovery and implement key policy projects, said the MOF.
  • MYR: Ringgit gained for the second day, buoyed by the rally in oil prices.
  • IDR: Rupiah is flat but has resisted the gains in USD, markets digest yesterday's data that shows CPI rose above estimates.
  • PHP: Peso is higher, recouping some of its losses from the past two days. BSP Gov Diokno said yesterday that the central bank was open to further easing.

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