Mixed As Markets Await Catalysts

A mixed day for Asia EM FX amid a lack of fresh catalysts while the greenback spent the session treading water.

• CNH: Offshore yuan is stronger, but spent most of the session in negative territory, gaining after the PBOC fixed USD/CNY stronger than expected. USD/CNH yesterday hit the highest since late November 2020.
• SGD: Singapore dollar is flat, but has spent most of the session in minor negative territory, USD/SGD has strong resistance at the 200-day moving average at 1.3523, last trades at 1.3480.
• TWD: Taiwan dollar is stronger for a second session, arresting a two-week decline. USD/TWD last down 0.021 at 28.521. The rate is seeing some support at 28.50, after also failing to breach the level yesterday.
• KRW: The won is weaker in sluggish trade, South Korea says Covax's AstraZeneca vaccine delivery, which was scheduled on March 31, will be delayed to the third week of April. A number of data releases await later in the week.
• IDR: The rupiah is lower, with little to write home on local news flow. Bullish focus falls on Mar 19 cycle high of IDR14,470 and a break here would open up the upper 2.0% Bollinger band at IDR14,498. Conversely, losses past Mar 23 low of IDR14,395 would expose Mar 18 low/200-DMA at IDR14,369/14,362.
• MYR: Ringgit is weaker, Malaysian Science Min Khairy noted that just 2mn out of 9mn targeted people registered for the second phase of the vaccine rollout, so some of participants of phase three will be able to receive their vaccinations ahead of schedule. Separately, the King publicly reiterated his call on Malaysians to take part in vaccinations.
• PHP: Peso has weakened, Philippines' unemployment rate registered at 8.8% in Feb after printing at 8.7% in Jan, while the total number of unemployed persons increased to 4.2mn from 4.0mn. Elsewhere, several provinces will be subjected to stricter quarantine.
• THB: Baht is lower for the seventh straight day, Thai tourism operators called for including Bangkok in the gov't's upcoming scheme of re-opening quarantine-free travel into several selected locations, starting with Phuket, for vaccinated foreigners.