Mostly Stronger

Mixed moves with thin liquidity as the US remains closed for a market holiday. A mediocre jobs report that has assuaged fears of near-term Fed tapering boosted risk appetite.

• CNH: Offshore yuan is stronger, shaking off earlier weakness. China June Caixin services PMI prints 50.3 in June from 55.1 in May, the figure denotes the lowest since April 2020. Composite PMI dragged down to 50.6 from 53.8.
• SGD: Singapore dollar is flat. PMI slipped to 50.1 in June from 54.4 in May – just staying in positive territory and the lowest since November 2020.
• KRW: The won is stronger, USD/KRW playing catch up from Friday. Coronavirus case numbers jumped in the past few days, hitting a six-month high on Friday and staying above 700 since.
• TWD: Taiwan dollar is stronger today, USD/TWD dropping as the rate plays catch up with the downward move in the greenback on Friday and retreating from the 28.00 handle.
• MYR: Ringgit is stronger. On Saturday, FinMin Zafrul & Defence Min Ismail Sabri confirmed that the criteria for moving to consecutive stages of the reopening plan will now be applied at state level. Health experts called for caution, as restrictions are eased in Kelantan, Terengganu, Pahang, Perak and Perlis.
• IDR: Rupiah is stronger, Indonesia ramped up efforts to contain the spread of Covid-19 after a record 555 positive cases died on a single day. The gov't tightened border controls and ordered that all production of industrial oxygen production is converted to pharmaceutical oxygen.
• PHP: Peso is weaker, the Philippine Coast Guard said it dispersed five Chinese vessels from the West Philippine Sea, amid simmering tensions over the disputed waters.
• THB: Baht is flat having given back earlier strength. Thailand CPI rose 1.25% Y/Y, above estimates of 1.12%, core CPI also slightly above estimates.