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E-Minis Pull Lower


Bland 5-Year Auction


Consumer Confidence Data Take Focus


The Japanese MOF sells Y2.0327tn 5-Year JGBs:


The Japanese MOF sells Y2.8069tn 6-Month Bills:


Inflation Data Under Scrutiny

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  • CNH: Offshore yuan weakened, USD/CNH reversing some of the previous day's decline. The PBOC fix was 44 pips above sellside estimates indicating a preference for a weaker yuan, the biggest divergence since May 10 when the delta was 55 pips.
  • SGD: Singapore dollar strengthened sharply after the MAS unexpectedly tightened policy, raising the slope of the currency band, the central bank cited risks to financial stability and highlighted inflationary risks.
  • TWD: Taiwan dollar is stronger but off session highs. Geopolitics remains a concern, while TSMC earnings are due later today.
  • KRW: Won strengthened again for a second day, USD/KRW retreating from the psychological 1200 level. FinMin Hong said late on Wednesday that the government will take market-stabilization steps should there be increased volatility in the foreign exchange market caused by abnormal factors.
  • MYR: Ringgit gained, Health Min Khairy said that Malaysia will start distributing Covid-19 booster shots to senior citizens and frontline health workers.
  • IDR: Rupiah rose, Indonesia confirmed its readiness to reopen the Bali airport to visitors from 19 selected low-risk countries today, but it is unclear if many travellers will head to the island as long as strict safety measures remain in place.
  • PHP: Peso is higher, the Presidential Palace announced that the Philippines is relaxing some restrictions on activity. The national Covid-19 task force authorised lowering the Alert Level in Metro Manila by one notch to Level 3 from Oct 16
  • THB: Baht gained, officials are expected to approve further relaxations of existing curbs at the COVID-19 panel today. The BoT said it was ready to use additional policy tools if needed in the latest minutes release.