Most USD/Asia EM Crosses Lower For Third Day

Safe haven assets sagged as US President Biden's inauguration went without any hiccups and markets hope the administration will place a greater emphasis in pushing through fiscal stimulus, and in tackling the pandemic situation including faster vaccine roll outs. As a result Asia EM FX gained, with equity markets in the region also hitting records.

• USD/CNH is lower, some of this can be attributed to a weaker USD, but some CNH strength has stemmed from China's decision to sanction outgoing secretary of state Mike Pompeo and 27 other officials from the Trump administration.
• USD/TWD lower on the session, last down 0.248 at 27.958, retreating from the 28.00 handle after gravitating higher towards the level yesterday. Data yesterday showed export orders rose over 10% to an all time high in 2020, boosted by demand for chips and smartphones.
• USD/KRW lower as the won strengthens on positive trade data. Exports continued to rise in January, up 11% in the first 20 days of the year. The won continues to benefit from foreign equity flows.
• USD/MYR consolidates after Wednesday's monetary policy decision from BNM. The rate operates -0.125 at MYR4.0325. The board left its OPR unchanged at a record low 1.75%
• USD/PHP sits at 48.046 marginally below neutral levels. BSP said in a statement that Gov Diokno was discharged from the hospital Wednesday and will be ready to chair the Monetary Board meetings from next week.
• USD/IDR trades flat at 14,035 ahead of Bank Indonesia's announcement. The rate has faded its modest opening losses, with bulls looking for further gains past the 50-DMA, intersecting at 14,093
• USD/SGD last down 9 pips at 1.3238, USD/HKD last flat at 7.7517, still flirting with lower barrier of the policy band at 7.75.