Free Trial

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.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.