Playing Catch Up

The fall in the greenback saw most USD/Asia EM F pairs decline at the open but retrace losses as the session wore on amid negative risk sentiment.

• CNH: Offshore yuan is weaker, declining as the PBOC intimated a preference for a weaker yuan at the fix, while a miss in trade data saw yuan hold its losses.
• SGD: Singapore dollar is flat having hugged a tight range, on the coronavirus front there were only six cases discovered locally in the past 24 hours, the lowest tally since May 10.
• TWD: Taiwan dollar is slightly stronger but off best levels. The Taiex saw heavy selling and at one point was down 2%,, it was announced that the soft lockdown would be extended to June 28.
• KRW: The won is stronger, there were reports in the Yonhap that South Korea may collect around KRW 32tn in excess tax revenue this year, potentially securing ammunition to finance another round of an extra budget under review
• IDR: Rupiah is stronger, limited local headline flow. Bank Indonesia will release the monthly update on foreign reserves tomorrow, with official consumer confidence data coming up Wednesday. Danareksa's consumer sentiment gauge is expected at some point this week.
• PHP: Peso gained, Philippine Dept of Health said that the local Covid-19 outbreak remains "manageable" and asked Filipinos to observe the current health protocols, the government begins the inoculation of essential workers against Covid-19 today.
• THB: Baht is stronger, Thailand's nationwide Covid-19 vaccine rollout kicks off today. Meanwhile, Thai businesses have voiced concern over restrictions, which are part of the plan to reopen Phuket to foreign visitors next month. Under current regulations, tourists will have to remain on the island for 14 days after arrival.