Mixed Outcomes

A session of mixed outcomes for EM FX, the greenback dipped slightly in Asia but still holds most of its gains sustained post-Biden tax plan yesterday.

• CNH: Offshore yuan is slightly stronger, having given back some earlier gains. China's SAFE was on the wires saying China has conditions to keep forex market balanced.
• SGD: Singapore dollar slightly stronger, Singapore has tightened its borders with India after the country reported a global record of daily COVID-19 cases as the latest wave of the pandemic worsens
• TWD: Taiwan dollar hovers around neutral levels after rising yesterday. Markets await industrial production and money supply data later in the session. The March figure is expected to rise 9.7%, after a 2.96% rise in February
• KRW: The won is weaker, on track for a weekly decline as virus cases continue to rise. South Korea reported 797 daily new virus cases today, nearing 800 as growing untraceable cases, coupled with cluster infections, continued to hamper the country's virus fight
• MYR: Ringgit is stronger. Malaysian CPI report comes out later today. BBG consensus forecast is for consumer price inflation to pick up to +1.6% Y/Y in Mar from 1.1% recorded in Feb. Estimates range from +1.0% to +2.1%.
• IDR: Rupiah is weaker, but on track for a weekly gain. FinMin Indrawati reaffirmed the gov't's 2021 GDP forecast of +4.5%-5.3% Y/Y, anticipating a rebound in consumption starting this quarter, owing to the gov't's stimulus measures & confidence in vaccine roll-out, while Indonesia has extended the travel ban during Ramadan & Eid al-Fitr through May 24, while tightening movement restrictions.
• PHP: The peso is stronger. The national Covid-19 task force suggested that the impact of vaccinations will be seen by Oct/Nov, once residents of densely populated areas become inoculated.
• THB: Baht is weaker. Data earlier in the session showed exports rose 8.47% against -1.5% expected, the trade surplus printed $710.8m, slightly less than expected as imports also jumped.