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Needle Still Points South


Yields Bounce as Equities Make New Monthly Highs


Heading North


Bull Rally Accelerates


Economists Survey Raises 2021 CPI Forecast To 4.9%

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Most EM Asia currencies gained as the greenback held Friday's losses after a less hawkish than expected Powell at Jackson Hole, risk sentiment was generally constructive but after initial moves ranges were narrow.

  • CNH: Offshore yuan is slightly weaker giving back some of Friday's gain. The PBOC injected CNY 40bn via OMOs for the fourth day, while the country reported 23 new coronavirus cases all of which were imported.
  • SGD: Singapore dollar fractionally weaker, Health Minister Ong said on Sunday that the 80% vaccination target had been hit, further reopening actions are expected to follow.
  • TWD: Taiwan dollar is stronger, over the weekend lawmakers from Japan's ruling LDP party backed Taiwan's entry into the TPP, a move that is seemingly intended to counter China's influence, in the latest effort by Tokyo to declare its public support to Taiwan.
  • KRW: Won is stronger, Finance Minister Hong said the government will set aside KRW 6.3tn in the budget to support non-memory chip, bio-health and next-generation vehicle sector and also set out details of the latest cash handouts to residents.
  • MYR: Ringgit gained, higher for a sixth straight session. The number of coronavirus cases continues to drop which has fueled hopes that lockdown restrictions with be further relaxed.
  • IDR: Rupiah is higher, posting its best daily returns in over a month. Markets look ahead to CPI data later this week, a Central Bank survey sees CPI up 0.01% M/M.
  • PHP: Market closed for National Heroes Day.
  • THB: Baht is stronger but off best levels, data showed manufacturing production rose 5.12% in July, below estimates of 12.3%. As a reminder Thailand is set to relax some movement restrictions from September 1.