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Most Asia EM Currencies Edge Higher In Quiet Session

ASIA FX

The U.S. dollar showed some weakness towards the end of the trading week in Asia, which resulted in pressure to most USD/Asia crosses.

  • CNH: Spot USD/CNH ground lower as broader greenback strength eroded. The PBOC set the yuan reference rate 13 pips above average sell-side estimate, offering no meaningful impetus to the yuan.
  • KRW: South Korean won was rangebound, happy to look through confirmation of North Korea's first ICBM test since 2017.
  • IDR: Spot USD/IDR traded slightly shy of neutral levels, holding a tight range.
  • MYR: Spot USD/MYR retreated, extending its pullback from yesterday's three-month high. Malaysia's CPI unexpectedly slowed to +2.2% Y/Y in February from +2.3% prior, missing median estimate of +2.4%.
  • PHP: Spot USD/PHP lost some altitude after the BSP kept benchmark interest rate unchanged Thursday but raised its inflation outlook and said it saw a path toward normalisation.
  • THB: Spot USD/THB slipped and moved away from a multi-week high printed Thursday. Softer oil prices, above-forecast customs trade data and potential for further relaxation of Thailand's border rules lent support to the baht.
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