Mixed As USD Rises

The greenback gained as yields held their move higher, this kept most Asia EM FX on the back foot.

• CNH: Offshore yuan has weakened since the data dump. Industrial production and retail sales both rose above estimates, but the unemployment rate rose while fixed investment was below estimates.
• SGD: Singapore dollar slightly weaker, moving in a fairly narrow range. Bonds continue to sell off which is keeping SGD under pressure.
• TWD: Taiwan dollar heads into the close weaker, gradually eroding strength throughout the session. Markets look ahead to the CBC rate announcement later this week.
• KRW: The won is the worst performer in Asia, the finance ministry said it would take steps to stabilize markets if volatility was to rapidly rise, but this gave the won only a brief reprieve.
• INR: Rupee has strengthened after weakening on Friday. Markets are digesting stronger than expected CPI figures after market on Friday which could bring rate hikes sooner than expected.
• MYR: Ringgit is stronger, there were reports that Malaysia is to get additional vaccine doses today, while Saudi Arabia has pledged to increase palm oil imports.
• IDR: Rupiah is weaker, the decline was moderated by strong export data, exports rose 8.56% in February, above estimates. The trade surplus widened less than expected though as imports jumped.
• PHP: Peso is weaker, data showed overseas remittances fell 1.7% Y/Y
• THB: Baht is stronger, the PM said Thailand was to begin the vaccine rollout on March 16.