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Risk sentiment was mixed in the region, but most Asia EM managed to squeeze out small gains as rates played catch up with a lower greenback on Monday.
- CNH: USD/CNH edged lower today, shrugging off the PBOC fix, which fell 7 pips below sell-side estimate. The rate extended losses registered late doors on Monday, but remained within that day's range.
- SGD: Singapore dollar is flat, moving in a narrow range through the session. On the coronavirus front there were reports late on Monday that Singapore is planning to relax more virus restrictions including allowing quarantine-free travel in September
- TWD: Taiwan dollar is slightly stronger, USD/TWD declining from yesterday's closing highs. Markets look ahead to the June monitoring indicator later in the session, the May print was in line with the previous at 41 which denoted the highest reading since 1987.
- KRW: Won is stronger, GDP data was slightly below estimates but the BoK reassured markets that the recovery was still on track.
- MYR: Ringgit is slightly stronger, PM Muhyiddin outlined the governments view that most of Malaysia will embark on the final stages of a recovery plan by October.
- IDR: Rupiah is flat holding steady near a two-year high. As a reminder, Indonesia extended its lockdown measures by a week through Aug 2, but Pres Widodo pledged adjustments to allow SMEs to operate under strict health guidelines.
- PHP: Peso is higher, Pres Duterte delivered his final State of the Nation address to Congress on Monday, pledging to lead the Philippines out of the pandemic, extend support to businesses affected by the Covid-19 outbreak and open the country to more foreign investors.
- THB: Baht gained after returning from a long weekend. The Tourism Authority of Thailand warned that 2021 may see the lowest number of tourist arrivals on record. Focus now moves to the data dump on Friday.