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Liquidity remains thin with Japan, mainland China and South Korea out for market holidays, the greenback lost some ground after US Tsy Sec Yellen confirmed rate hikes were not on the horizon soon.

  • CNH: Offshore yuan moved as a function of the greenback amid a lack of domestic catalysts. USD/CNH declined through the session, hitting lows just above 6.4790 before recovering slightly.
  • SGD: Singapore dollar strengthened, data earlier in the session showed Markit Singapore PMI fall to 51.8 in April from 53.5 in March due to pandemic concerns. Familiar technical levels held, retail sales are due later.
  • TWD: Taiwan dollar finishing up broadly neutral, sticking to its recent range of 27.85-27.95. Foreign reserves data is due later, markets will look for confirmation that the central bank has refrained from, or at least reduced, FX intervention.
  • IDR: Rupiah has lost some ground but stayed within a range, Indonesia's Q1 GDP headlines the local docket today. Consensus sees the economy shrinking 0.65% Y/Y in Q1 (per BBG), with estimates ranging from -2.00% to +1.90%.
  • MYR: Ringgit is stronger, Defence Min Sabri Yaakob announced that the gov't will upgrade the level of restrictions in six Selangor districts to MCO, initially through May 17. Selangor is Malaysia's richest state and one of national economic powerhouses. The official added that hosting open house & interstate travel will remain banned during next week's Hari Raya celebrations.
  • PHP: Peso has gained, post CPI figures BSP Gov Diokno commented that inflation is poised to remain elevated this year on the back of supply-side pressures, but will ease towards the target in 2022. He noted that inflation expectations are well anchored and expressed hope that pork import tariff cuts will help mitigate price pressures.
  • THB: Baht is lower, data showed CPI above estimates, while Thailand's manufacturing sector has returned into expansion, the latest Markit survey showed. Headline index printed at 50.7 in April, up from March's 48.8 and IHS Markit said that "key indicators for output and new orders signalled renewed growth, driven by the strongest increase in exports for over a year-and-a-half." BoT due later in the session.