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PHP Sits Top Of The Pile, TWD Lags

ASIA FX
  • CNH: Offshore yuan slightly weaker, some concerns around geopolitics after the US warned China over incursions in the Taiwan airspace. As a reminder Chinese markets are still closed for National Day holiday.
  • SGD: Singapore dollar weaker, losing ground for the first time in four days. The MAS issued a statement earlier that said loans to China Evergrande by Singaporean banks are not significant and exposures not large.
  • TWD: Taiwan dollar declined, the Taiwanese PM said earlier that Taiwan needs to be on alert to China's military activities which were categorised as over the top
  • KRW: Won declined but is off worst levels, South Korean assets under pressure with the KOSPI entering a technical correction.
  • MYR: Ringgit gained, Malaysia summoned Beijing's ambassador on Monday to protest against the incursions of Chinese vessels into the disputed waters of the South China Sea off the coast of Sabah and Sarawak
  • IDR: Rupiah slightly softer, Minister in charge of Covid-19 response Luhut Panjaitan announced another round of easing restrictions on activity.
  • PHP: Peso is stronger, headline inflation registered at +4.8% Y/Y, which came after prices rose 4.9% in August. Bloomberg consensus was looking for a +5.1% print. The Philippine Statistics Agency said that the slowdown in headline inflation was driven by slower increases in the costs of food and transport.
  • THB: Baht weakened slightly, CPI rose 1.68% above estimates of 0.52%. Elsewhere Dep PM & Energy Min Supattanapong announced a freeze on diesel prices, which will remain in place at least through the end of this month.
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