Mixed At Month-End

After a brief dip at the start of trade the greenback resumed its rally, most Asia EM FX remained resilient heading into month and quarter end though.

• CNH: Offshore yuan is stronger, moving out of negative territory following strong PMI data, USD/CNH last trades at 6.5723, still within yesterday's range.
• SGD: Singapore dollar is stronger, SGD supported by higher domestic yields, the benchmark 10-year yield is over 90bps higher since the start of 2021.
• TWD: Taiwan dollar has gained slightly, oscillating around the 28.50 level. Markets look ahead to PMI data tomorrow, after China reported strong activity.
• KRW: The won is stronger, data earlier saw confidence in South Korean manufacturers rise to 91, the highest since 2011. Encouragingly, exporters and domestic focused firms both saw confidence increase and shows optimism around the economic recovery.
• IDR: Rupiah is weaker, the worst performer in EM. Indonesian CPI & Markit M'fing PMI are due tomorrow, while Danareksa Consumer Confidence is expected to hit the wires at some point during the remainder of this week. On the IDR losses, BI said it was intervening in the FC market so smooth volatility.
• MYR: Ringgit is weaker, in the annual Economic and Monetary Review, BNM revised its 2021 GDP forecast to +6.0-7.5% Y/Y from +6.5-7.5%. Growth will be anchored by private consumption, but lifted by manufacturing & commodities, it said.
• PHP: Peso is marginally stronger, data earlier showed Philippines bank net loans fell 2.7% Y/Y in February.
• THB: Baht hit fresh five-month lows, the baht has been the worst performer in the Asian EM basket in the first quarter, with analysts pointing to the impact of the collapse of the tourism industry which used to be the backbone of Thailand's economy, as well as current-account deficit, USD strength and the repatriation of dividends by Japanese investors.