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PHP Outperforms While IDR Lags

ASIA FX
  • CNH: Offshore yuan strengthened, USD/CNH pushing past yesterday's low as the greenback weakened. Data showed the trade surplus widened as exports rose from the previous month while the pace of import growth slowed.
  • SGD: Singapore dollar is stronger, markets look to the MAS policy announcement and Q3 GDP figures tomorrow. The MAS are expected to keep policy settings on hold but there is an outside chance of a hawkish adjustment.
  • KRW: Won gained, finding support from BoK hints of a November hike yesterday. Unemployment and export data points were also positive.
  • TWD: Taiwan dollar is marginally higher, USD/TWD holding above the 28.00 level
  • MYR: Ringgit gained for a fifth session. Markets continue to assess data yesterday which showed industrial output contracted 0.7% Y/Y in August, even as Bloomberg consensus was looking for a 0.3% expansion. This came after industrial production shrank 5.1% in July.
  • IDR: Rupiah is the worst performer in the region and is trading flat, Indonesian monthly trade data will be published on Friday. Looking further afield, Bank Indonesia will deliver their monetary policy decision next Tuesday.
  • PHP: Peso rose, BSP Gov Diokno told Bloomberg that USD/PHP trading at the PHP50-51 level is "not worrisome" for the central bank and is within the gov't's FX assumption used for budget planning. He added that BSP only intervenes in FX markets to smooth fluctuations.
  • THB: Markets in Thailand closed.
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