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Mixed As China Data Misses Estimates


Despite a lack of notable headline flow the greenback rose during the session, breaking out of yesterday's range, which combined with misses in Chinese data put pressure on most Asia EM FX and taking USD/crosses off lows.

  • CNH: Offshore yuan is weaker, losing ground after data. GDP and industrial production both missed estimates.
  • SGD: Singapore dollar has retreated from its highest level since March 3, market looked through a strong set of export data from Singapore, electronics exports rose 24.4%, while non-oil exports rose 12.1% Y/Y.
  • TWD: Taiwan dollar is slightly stronger, holding yesterday's gains after TMSC announced big spending plans and improved guidance.
  • KRW: The won is flat, recovering after earlier losing ground. Some of the weakness was attributed to Samsung paying KRW 13tn in dividends, the majority of which are expected to be repatriated.
  • MYR: Ringgit is weaker, losing the most ground in a week. Several gov't off'ls threatened to close Ramadan bazaars if their operation leads to the spread of Covid-19 infections. Science Min Khairy said that the National Security Council should review its decision to allow the bazaars to open.
  • IDR: Rupiah is stronger, but is on track for its ninth consecutive weekly decline. Bank Indonesia will publish Feb offshore borrowings data and Mar survey of bank financing demand and offer today.
  • PHP: Peso is stronger, the presidential spokesman informed that Diokno wants to speak with Indian PM Modi about potential supply of Covid-19 vaccines, but the meeting is yet to be scheduled. The government also said it would expand its vaccination programme.
  • THB: Baht is stronger as it returns to market after a holiday, Dep PM Anutin suggested that the gov't considers a nationwide ban on sales of alcoholic beverages in restaurants, closure of pubs and entertainment venues, early restaurant closures and suspension of in-person teaching. At the same time, Anutin noted that "we have seen no point in imposing a [full, nationwide] lockdown for the time being."

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