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Most Asia EMFX Outperform USD, Leaving IDR Behind

ASIA FX

Most USD/Asia crosses registered losses as appetite for riskier currencies improved, while the U.S. dollar traded on a softer footing.

  • CNH: Spot USD/CNH reversed its earlier uptick on the back of a fresh bout of greenback weakness and last sits at CNH6.3789, ~50 pips worse off. The PBOC boosted their daily liquidity injection to net CNY190bn citing tax and government bond issuance payments. Elsewhere, China's health officials warned that the current outbreak of Covid-19 may worsen, which resulted in various countermeasures being implemented in several regions.
  • KRW: Spot USD/KRW pierced its 50-DMA, which provided a durable layer of support over the recent months. Some pointed to KRW sales by local exporters ahead of the month-end.
  • IDR: The rupiah diverged from its risk-sensitive peer KRW and retreated, landing at the bottom of the Asia EM basket. Indonesian Pres Widodo pushed for the creation of an ASEAN travel bubble, while FinMin Indrawati said she sees 2021 GDP growth at +4% Y/Y.
  • THB: USD/THB slid through its 50-DMA and printed worst levels in more than five weeks. Friday's news that Thailand will expand its quarantine-free travel list may have lent some support to the baht.
  • MYR: The ringgit reversed its initial losses. Ahead of the weekend, PM Ismail Sabri announced a pilot tourism reopening programme to be run on Langkawi islands from Nov 15.
  • PHP: USD/PHP shed initial gains. The peso was rangebound amid thin local news flow.
  • SGD: USD/SGD retreated ahead of the release of local CPI data.
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