Narrow Ranges

Greenback regained some poise after falling on Monday, most pairs saw narrow ranges ahead of US CPI data and local events on the docket.

• CNH: Offshore yuan is weaker, reversing gains made on Monday after reports that the US treasury would not label China a currency manipulator. Exports were strong but rose less than expected, while the trade surplus narrowed.
• SGD: Singapore dollar is weaker, markets await the MAS decision and GDP data tomorrow.
• TWD: Taiwan dollar is stronger, it was reported the government started distribution of AstraZeneca's Covid-19 vaccines provided through COVAX to hospitals after completes tests on the first batch.
• KRW: The won under pressure again, some attributing outflows from the expected repatriation of Samsung's huge KRW 7.7tn dividend as putting pressure on the won.
• MYR: Ringgit is weaker, Malaysian Defence Min Ismail Sabri Yaakob said that the Health Ministry's modelling suggests that a fourth wave of Covid-19 infections may hit the country. The gov't decided to extend existing CMCO & RMCO restrictions through Apr 28 (except for Sarawak, where restrictions were extended through Apr 26).
• IDR: Rupiah continued to weaken, the Finance Ministry announced that it has exempted some taxes in special economic zones for tourism businesses from Apr 1, as part of the new omnibus law on job creation.
• PHP: Peso is lower, the Philippines' tensions with China have sparked concerns over the delivery of Chinese Covid-19 vaccines. Manila asked the U.S. to help expedite the delivery of jabs produced by Moderna.
• THB: Thailand is closed for a market holiday.