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PHP Underperforms, Fitch Report Blamed

ASIA FX
  • CNH: Offshore yuan strengthened, the TWI rising above 100 to hit the highest levels since early 2016. The PBOC fixed USD/CNY at 6.4479, 8 pip above sell side estimates and continued to drain the pre-Golden Week liquidity injections.
  • SGD: Singapore dollar flat, moving as a function of the greenback. Markets look ahead to the MAS policy announcement and GDP data later this week.
  • KRW: Market closed for holiday.
  • TWD: Market closed for holiday.
  • MYR: Ringgit is stronger, Malaysia lifted ban on interstate travel after reaching its target to fully vaccinate 90% of its adult population.
  • IDR: Rupiah saw small gains, there were 894 new coronavirus cases in the past 24 hours, the lowest figure since June 2020.
  • PHP: Peso declined, a negative report from Fitch weighed. The ratings agency said "We expect the Philippine peso to weaken within a wide range over the near term, as uncertainty around the pandemic and its policy response weigh on investor confidence".
  • THB: Baht is higher, Thailand reported 10,035 new Covid-19 cases today, the lowest daily caseload since July 13. The country added 60 fatalities.
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