MYR & SGD Outperform On Better Data, THB & PHP Weaker Into Week's End

USD/MYR is off earlier highs, last back under 4.4400. Earlier the pair got to 4.4650. This leaves us flat for the session, outperforming the likes of PHP and THB. SGD is up though, aided by a stronger than expected bounce in export growth for July.

• Malaysia's earlier Q2 growth figures pointed to continued firm economic growth for the economy, with growth towards the upper end of the central bank's 4-5% target range for this year. This has likely helped some degree of differentiation. Recent lows just under 4.4000 will be a target for ringgit bulls. Firm local growth is being aided by repatriated offshore earnings/less offshore investment.
• Growth remains strong in the Philippines as well, but the BSP commenced its easing cycle late yesterday and Governor Remolona stated today the peso fallout should be manageable. USD/PHP is back to 57.20/25, so still comfortably off recent highs, but 0.50% weaker for the session so far.
• USD/THB is also higher, last to 35.10. The local parliament is current voting for Paetongtarn Shinawatra as the new Prime Minister, who should secure enough votes. Political uncertainty/further delays in fiscal stimulus risk undermining Thailand growth. Until the dust settles on how the new government will unfold, offshore investors may remain somewhat on the sidelines.
• USD/SGD is back close to 1.3200, aided by the better July trade figures earlier. Export growth was well above expectations and returned to a double digit pace. USD/SGD is just out of oversold conditions, so that may limit the downside in the pair.
• USD/IDR is firmer back above 15700, as a firmer US yield backdrop has provided some support for the pair. Recent lows remain intact near 15600.