Mixed With Risk Events Awaited

The greenback caught a light bid in today's quiet Asia-Pac session, which failed to provide any meaningful catalysts, with participants awaiting Fedspeak out of this week's Jackson Hole meetings.

• CNH: Greenback strength drove spot USD/CNH higher, with a softer than expected PBOC fix helping the move. China's central bank set their USD/CNY midpoint at CNY6.4728, 13 pips above sell-side estimate. The PBOC injected a net CNY 40bn of liquidity into the system via OMO's to maintain liquidity into month end.
• SGD: Singapore dollar heads into Europe flat, markets look ahead to industrial production data tomorrow which is expected to fall 0.9% after a 3.0% decline last time out.
• TWD: Taiwan dollar is flat but spent a good portion of the session in positive territory. Speculation abounds that Taiwan's trade surplus means it is likely to remain on the US tsys FX watchlist when the next report is released, despite evidence of less intervention.
• KRW: The won is flat having given back early gains. South Korea's daily new coronavirus cases spiked to over 2,000 again Wednesday at 2,155.
• MYR: Ringgit is slightly stronger, Malaysia July CPI rose 2.2%, lower than estimates of 2.9%. Elsewhere Malay Mail sources said that Malaysia's new PM Ismail Sabri may be forced to name a Deputy PM from Bersatu in return for their support for his prime ministerial bid.
• IDR: Rupiah is slightly weaker, Tuesday brought a confirmation that Bank Indonesia and the Finance Ministry have struck a deal on their third burden-sharing scheme.
• PHP: Markets closed. Pres Duterte has confirmed that he will run for vice-president in 2022 when his current term expires.
• THB: Baht is stronger, BoT Governor said the recovery was to be K-shaped, adding that the debt ceiling could be raised if needed and that SME's hit hard by COVID will receive support. Elsewhere Thailand's Health Ministry will propose to relax curbs on restaurants and allow dine-in services with capacity constraints as the current wave of Covid-19 eases.