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Mixed; KRW Best Performer While THB Lags Peers

ASIA FX
  • CNH: Offshore yuan slightly stronger, but off best levels. The PBOC rolled over MLF funds, refraining from injections indicating it is comfortable with current policy against some speculation that easing is imminent.
  • SGD: Singapore dollar is stronger, continuing post-MAS gains. There was a Fitch report which posited that the MAS are likely to tighten further in 2022.
  • TWD: Taiwan dollar is stronger, USD/TWD moving back towards the 28.00 handle. Domestic equity markets saw gains of over 2% boosted by strong earnings from TSMC yesterday.
  • KRW: Won is stronger. BoK Governor Lee hinted again that November was a live meeting for a hike.
  • MYR: Ringgit is weaker, UMNO Supreme Council held a meeting on the upcoming Melaka state election yesterday, but failed to reach consensus on whether to team up with other parties.
  • IDR: Rupiah is stronger, data showed exports rose 47.64% below estimates of 51.29%, the trade surplus widened to $4.37bn, above expectations.
  • PHP: Peso dropped, BSP Gov Diokno said Thursday that "maybe there's no need" for the central bank to extend more loans to the gov't, after the renewal of a PHP540bn loan earlier this week.
  • THB: Baht is weaker, BoT Gov yesterday noted its policy stance needs to remain accommodative for quite some time" and "it is probably too premature to talk about exiting given the depth of the crisis.

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