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SA PPI Data Due 1030BST

More muted oil price relieves......>

EMERGING MARKETS
EMERGING MARKETS: More muted oil price relieves oil importing FX
- Currencies of oil importers were granted some reprieve Tuesday as the oil
price rally moderated. This allowed the likes of KRW, INR, CNH and others to
recover a modest portion of the recent losses, but the over-arching trend is
still cautious.
- ZAR traded defensively despite early outperformance with local names citing
real outflows in South African bond markets as prompting the price action. The
year's USD/ZAR highs at 14.3724 remain in tact, however.
- The THB finished the session at the lows after the Bank of Thailand stated the
central bank will aim to stop any fall through the 30.00 level for USD/THB. This
follows the pair hitting 29.967 on Dec30, the lowest level since mid-2013, which
will likely have frustrated Thai policymakers who have stepped up their verbal
intervention against the currency, adding pressure to the BoT to cut rates in
2020.
- Hungarian industrial production, South African manufacturing PMI, Chilean CPI
and the Polish rate decision take focus Wednesday.