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Most Asia EM Currencies Fall As Risk Appetite Wanes

ASIA FX
  • CNH: Offshore yuan is hovering around neutral levels, the pair briefly touched 6.47 but bounced from the level. The PBOC set USD/CNY reference rate at 6.4650, in line with sell side estimates and essentially flat from the day before.
  • SGD: Singapore dollar rose, data earlier showed Singapore final 2Q private residential prices rise 0.8% Q/Q but CPI data later in the session will be more closely watched.
  • TWD: Taiwan dollar is stronger, USD/TWD consolidating below the 28.00 handle. There government will downgrade the coronavirus alert level on July 27.
  • KRW: Won is stronger but off opening highs as markets consider the government's decision to extend restrictions, coronavirus cases dropped from a record high yesterday but remain elevated.
  • MYR: Ringgit is weaker, data showed CPI grew slightly slower than expected at 3.4% against consensus of 3.5%.
  • IDR: Rupiah is lower, weighed on by the Bank of Indonesia after it lowered the 2021 growth target yesterday due to impact of the pandemic.
  • PHP: Peso declined, weighed on by reports that Manila would be under general community quarantine with stricter curbs from July 23-31.
  • THB: Baht fell, data showed the trade surplus widened less than expected as imports shot above expectations.
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