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UK Monthly GDP Rose As Schools Reopen

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Bulls Still In Charge

UK DATA

UK GDP Down in Q1 Amid Lockdown

ASIA FX

Asian EM FX was mixed on Tuesday but within narrow ranges, equities declined in the region as risk off sentiment took hold after indications that the US stimulus package could take several months to pass.

  • CNH: Yuan gained despite a weaker fix, PBOC withdrew CNY 278bn of liquidity from the system, even as LNY and tax payments loom. Markets look for clues as to Biden's stance on China.
  • SGD: Modestly higher, has been in a tight range awaiting industrial production data. USD/SGD last at 1.3273.
  • TWD: USD/TWD is off session lows and back above 28.00 at 28.05, the pair closed on the level yesterday. Industrial production rose above expectations.
  • HKD: USD/HKD down 5 pips at 7.7511, the Hang Seng took a beating today as Tencent saw profit taking after brushing against a $1tn valuation.
  • KRW: Won is the weakest of Asia EM FX, impacted by outflows from local equities. USD/KRW last up 3.50 at 1104.10.
  • IDR: Bank Indonesia stepped into spot & domestic NDF markets to shore up the rupiah as USD/IDR caught a light bid in early trade. USD/IDR last up 40 pips at 14050.
  • MYR: Ringgitt slightly stronger, USD/MYR at 4.0425, Int'l Trade & Industries Min Azmin Ali downplayed calls for a nationwide "total lockdown," noting that it should be weighed against alternative scenarios.
  • THB: USD/THB down 20 pips at 29.970, ANZ suggested that Thailand could be added to the U.S. Treasury's list of currency manipulators, as its FX purchases are expected to top the 2% threshold upon the release of Q4 GDP data.