Peso Lags On Philippine M'fing PMI Print

Many Asian financial centres remained shut for Lunar New Year holidays, limiting liquidity in Asia EM FX space.

• CNH: Offshore yuan remained comfortably within yesterday's range, as Lunar New Year holiday translated into a dearth of catalysts.
• IDR: The rupiah appreciated sharply, catching up with recent greenback sales, as onshore Indonesian markets re-opened after a holiday. Bank Indonesia Gov Warjiyo reaffirmed familiar stance on policy outlook, before January data showed that CPI inflation accelerated to +2.18% Y/Y, in line with expectations.
• PHP: The Philippine peso went offered as IHS Markit PMI data showed that expansion in the local manufacturing sector ground to a halt in January, owing to the surge in Covid-19 cases and the impact of typhoon Odette.
• THB: Spot USD/THB clawed back its initial losses, albeit domestic headline flow failed to provide much in the way of notable catalysts.