PHP Leads The Way Higher As RRR Cut Off Table

Early moves saw Friday's price action extend before the greenback peaked and retreated which helped some Asia EM currencies into positive territory, while others only managed to pare losses.

• CNH: Offshore yuan is slightly stronger, recovering early losses. CPI rose 1.0%, faster than the 0.8% expected but slower than the 1.1% in June, PPI rose 9.0% against estimates of 8.8% and 8.8% last time out.
• SGD: Singapore dollar is weaker, Singapore markets are closed for a holiday and will return tomorrow. Focus this week will be on GDP data.
• TWD: Taiwan dollar is weaker but off worst levels of the session. The Taiex was under pressure today, selling off for a second day after a four day rally.
• KRW: Won is weaker, On the coronavirus front South Korea reported 1,492 daily new coronavirus cases, back to below 1,500 on fewer tests over the weekend as the country has extended its highest virus rules for another two weeks due to relentless spread of the virus.
• MYR: Ringgit is weaker for a second day, Deputy PM Yaakob said 31 MPs from the ruling coalition continue to back PM Muhyiddin administration
• IDR: Rupiah declined, the government is expected to update the current restrictions amid a decline in Java's caseload and the coronavirus' spread into outer regions
• PHP: Peso is stronger, BSP Gov Diokno said the Bank would keep policy accommodative but that an RRR cut was off the table.
• THB: Baht is weaker, Phuket authorities "Phuket Sandbox" pledged to make all-out efforts to restore confidence in the reopening project, following the murder of a Swiss tourist last week.