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Most Asia EM Currencies Face Mild Pressure, Yuan Ticks Higher

ASIA FX

Renewed increase in U.S. Tsy yields underpinned most USD/Asia crosses but the redback managed to eke out some gains. Regional headline flow was rather sparse.

  • CNH: Spot USD/CNH briefly showed above yesterday's high before pulling back into negative territory on the back of a stronger than expected PBOC fix. China's central bank set the mid-point of permitted USD/CNY trading band 23 pips below sell-side estimate.
  • KRW: The won led losses in the region amid higher U.S. Tsy yields. BoK Gov-nominee Rhee's first public comments offered little in the way of notable insight.
  • IDR: Spot USD/IDR lodged a new two-week high before trimming gains, with broader impetus in the driving seat.
  • MYR: Spot USD/MYR rallied to a three-month high in early trade but gave away the bulk of those gains thereafter. The ringgit paid little attention to swings in palm oil futures, which snapped a three-day winning streak.
  • PHP: Spot USD/PHP rejected Mar 14 high of PHP52.487 and backed off, with participants awaiting monetary policy decision from the Bangko Sentral ng Pilipinas.
  • THB: Spot USD/THB pulled back from a new multi-week high, returning to neutral levels. Monthly trade data from Thailand's Customs Dept were eyed.
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