Muted Start For Asian FX, With Many Markets Closed For LNY

It has been a very muted start to the week for Asian FX, with only a small number of markets open. China, Hong Kong, South Korea and Singapore have been closed today. Singapore and South Korea return tomorrow, but China remains closed for the week, Hong Kong returns on Wednesday. Note still to come later on is India CPI and IP data. Most focus will rest on the CPI print given last week's hawkish hold.

• USD/PHP has gravitated higher after Friday's break. The pair was last 56.14, around 0.40% weaker versus end Thursday levels. Recent lows in the 1 month NDF (55.80) coincided with the 50-day MA, which now is back to 55.83. All key EMAs are near by to current NDF and spot levels. The main macro focus this week will be Thursday's BSP decision. None of the economists surveyed by BBG look for a shift in the policy rate, which currently sits at 6.50%. The tone from the BSP will be watched, although recent rhetoric has pushed back against the idea of a near term dovish shift.
• USD/IDR is a little lower versus end Wednesday levels from last week, as markets return from the Thur/Fri break. The pair was last near 15620 after closing last Wednesday at 15635. The 1 month NDF is little changed from end Friday levels in NY, last near 15635. We are now back to mid Jan levels for the pair. The clear focus this week will be on Indonesia's election, with a clear victory for current favorite Prabowo likely to be the most market outcome, in terms reducing uncertainty that might come with an election run off.
• USD/INR spot sits little changed, last near 83.00, comfortably within recent ranges.