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AUSSIE 10-YEAR TECHS

(Z1) Off Lows, But Remains Weak

USDCAD TECHS

Still Vulnerable

AUDUSD TECHS

Bullish Price Sequence

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Currencies struggled for decisive direction in Asia, heading into the European open the greenback is in positive territory but off best levels as yields recede from the highest since June 2020.

  • CNH: Offshore yuan heads into the European open flat, Goldman Sachs earlier cut its China 2021 GDP forecast to 7.8% from 8.2%. In geopolitics China released two captive US citizens who had been held since 2018 which could help thaw relations with the US. Elsewhere industrial profits rose 10.1% in August.
  • SGD: Singapore dollar is weaker, but off worst levels. There are still some jitters around the coronavirus situation, but the FinMin Wong said yesterday that Singapore is committed to reopening, and that recently reimposed curbs are preemptive.
  • TWD: Taiwan dollar is weaker, coming off the strongest levels in almost a week. Markets continue to digest reports yesterday that Taiwan Premier Su Tseng-chang is said to be considering loosening some restrictions on local industries
  • KRW: Won is weaker, on the coronavirus front there were 2,289 new cases in the past 24 hours, above 2,000 for the third day, data earlier showed consumer confidence rose to 103.8 in September from 102.5 in August.
  • MYR: Ringgit is stronger, data showed the trade surplus widened more than expected as exports more than expected while imports slowed. There were reports that Malaysia is considering reopening the country's borders.
  • IDR: Rupiah is weaker, IDR touching a one week low. Markets continue to digest comments from BI Gov Warjiyo that rate hikes would be on hold for most of 2022 due to downside risks to the economic outlook.
  • PHP: Peso is higher, picking up from an 18-month low hit yesterday. Markets look ahead to a speech from BSP Go Diokono, he said yesterday that current policy space is not unlimited.
  • THB: Baht is lower, declining for a third day. Markets continue to digest news that the government will delay reopening key provinces. Markets look ahead to BoT rate announcement on Wednesday.