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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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Risk tone was constructive in the Asia-Pac session as Evergrande worries take a back seat, this saw the greenback give back some of Friday's gains and most Asia EM currencies.

  • CNH: Offshore yuan strengthened, USD/CNH fell but failed to break last week's low. News of prisoner swap with Canada also helped support risk sentiment.
  • SGD: Singapore dollar is stronger, FinMin Wong said that growth of 6-7% was still achievable, but noted the biggest risk to the outlook was the resurgence in coronavirus cases.
  • KRW: Won rose, shaking off opening weakness. There was chatter exporters selling USD near quarter-end, though elevated coronavirus case numbers helped moderate gains.
  • TWD: Taiwan dollar rose, TWD is still benefitting from tailwinds after central bank raised its forecasts for economic growth and inflation last week at its on hold interest rate announcement. Markets look ahead to industrial production data.
  • MYR: Ringgitt gained, the government said it will continue its vaccination programme until all those eligible are vaccinated by year end. The latest national development plan was released which said GDP growth in the next 5 years will be 4.5-5.5%.
  • IDR: Rupiah was broadly flat, new coronavirus cases were the lowest in over a year yesterday, paving the way for potential further relaxation of rules.
  • PHP: Peso falls to its lowest level since May 2020, last week BSP assistant gov said BSP thinks the peso will depreciate against the dollar in the coming months.
  • THB: Baht is lower, giving back early gains, the virus task force is due to meet later and could consider a delay in reopening of Bangkok and four other provinces as the regions haven't reached the 70% vaccination rate goal.