Free Trial

Peso Leads Gains As Asia Sees Tight Ranges

ASIA FX

Most USD/Asia crosses held fairly tight ranges as regional headline flow failed to rock the boat.

  • CNH: Offshore yuan oscillated around neutral levels as recent comments from top Chinese officials reinforcing their commitment to supporting the economy seemingly countered the impact of below-forecast official PMI readings.
  • KRW: Spot USD/KRW respected yesterday's extremes. FinMin Hong said that the government considers bond market stabilisation steps and further cutting fuel taxes.
  • PHP: BSP Gov Diokno said that CPI is expected to rise 3.3%-4.1% Y/Y this month, the day after he noted that the policy rate could rise to +2.50%-2.75%, which would be "reasonable and consistent" with growth and inflation targets. The peso caught a bid, outperforming its regional peers.
  • THB: Spot USD/THB extended yesterday's losses in early trade before swinging into a gain. Participants digested Wednesday's monetary policy decision from the BoT, who kept the policy rate unchanged despite a solid upgrade to 2022 inflation forecast. Worth noting that monthly BoP current account & trade balance data will hit the wires later today.
  • IDR and MYR: The rupiah and ringgit traded sideways, with local headline flow offering little of real note.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.