Most EM FX Gains, Yuan & Won Buck The Trend

The greenback held most of its post-inflation data decline, risk environment generally supportive which helped most Asia EM currencies gain.

• CNH: Offshore yuan is slightly weaker but has hugged a narrow band again. There are fears of further regulation with a statement from the State Council yesterday saying it would actively work on legislation in areas including national security, technological innovation as well as anti-monopoly to improve the legal framework and help govern the country.
• SGD: Singapore dollar is slightly weaker but has seen sluggish trade throughout the session. On the coronavirus front Singapore reported 61 new locally transmitted COVID-19 infections yesterday, three new COVID-19 clusters were identified.
• TWD: Taiwan dollar is stronger, snapping a four day losing streak. There were reports that Taiwan to get 520,000 doses of AstraZeneca vaccine today.
• KRW: Won is weaker, hitting fresh 2021 lows. On the coronavirus front South Korea reported 1,987 new cases in the past 24 hours, New cases fell back below 2,000, but the peak of the current wave of the pandemic has not yet come say authorities.
• MYR: Ringgit is stronger. The Straits Times reported that Malaysia's King asked PM Muhyiddin to bring forward the confidence vote, with next Wednesday proposed as a possible date.
• IDR: Rupiah is slightly higher, movement was muted as Indonesian participants return from a market holiday yesterday. Markets look ahead to the Central Bank announcement next week.
• PHP: Peso rose, the Monetary Board are expected to leave monetary policy settings unchanged today, after Governor Diokno ruled out RRR cuts anytime soon.
• THB: Baht gained, Thailand declared a record daily increase in new Covid-19 cases today, with 22,782 infections detected. The number of fatalities rose by 147.