Most USD/Asia EM Crosses Higher Amid Risk Off Trade

Risk off sentiment took hold in Asia on Thursday as the greenback rose and stocks slipped.

• CNH: Yuan defied prevailing sentiment to strengthen, though USD/CNH did briefly make it above 6.50. The PBOC drained a net CNY 150bn today, bringing net drain this week to around CNY 325bn.
• SGD: Singapore's December resident unemployment rate was 4.4%, down from 4.6% in November. The pick-up in employment was attributed to higher business activity. USD/SGD higher though, taking out resistance at the 50-day MA which hasn't been challenged since November.
• TWD: Taiwan dollar is one of the best performers in Asia, markets await minutes of the December CBC meeting later today.
• KRW: Won fell to the lowest since November after the IMF said the BoK had more room to ease.
• THB: Thai baht lower after weak manufacturing data. Investors look ahead to the release of the economic forecasts from the finance ministry later today.
• PHP: Lingering risk aversion pushed spot USD/PHP above its 50-DMA in early Asia-Pac trade, while below-forecast Q4 GDP report has failed to provoke any meaningful reaction.
• IDR: Bank Indonesia's intervention helped reign in rupiah depreciation. Bank Indonesia's Hendarsah commented that the central bank stepped into FX spot & domestic NDF markets to stem rupiah volatility.