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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.
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