Mixed As Greenback Rally Pauses

The greenback paused its rally on Friday, moves were mixed.

• CNH: Offshore yuan is weaker, the World Bank upgraded China's growth forecast to 8.1%, but PBOC research predicted 5%-5.7% from now until 2025.
• SGD: Further gains in the greenback saw USD/SGD higher, on track for the fourth straight day of gains. The rate now sits just below the 2021 high of 1.3531. It was reported yesterday that Singapore and Indonesia would both gradually allow more tourism in their respective countries.
• TWD: The Taiwanese dollar has declined again, consolidating above 28.50. TWD has been pressured by foreign equity sales, so far this week there has been $2.25bn worth of sales of Taiwan equities by foreign funds. Former board members have petitioned the CBC to change its currency regime.
• KRW: The won is stronger, consumer confidence rose to the highest in over a year, while the IMF are positive on South Korea's economy, the body now forecasts the South Korean economy to grow 3.6% this year, up from its estimate in January of 3.1%.
• MYR: Ringgit is flat, Director-General of Health Noor Hisham urged Malaysians to show "strong social responsibility" as the country's R rate rose to 1.0.
• IDR: Rupiah is slightly lower, Indonesia's banking loans fell 2.15% Y/Y in Feb, according to the latest update from the FSA.
• PHP: Peso strengthened, BSP left its benchmark interest rate at the record low of 2.0% yesterday and increased inflation forecasts.
• THB: Baht weakened, Thailand's Covid-19 economic panel will consider steps to attract FDI & allow vaccinated foreign tourists to travel to Phuket without having to quarantine from Jul 1.