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EUROZONE ISSUANCE

EGB Supply for W/C Jul 26

USDCAD TECHS

Pullback Considered Corrective

US TSYS SUMMARY

What a Short, Strange Trip It's Been

GLOBAL POLITICAL RISK

Pfizer, Moderna Jabs Retain High Trust; AZ, Sputnik Lower

AUDUSD TECHS

Trend Indicators Remain Bearish

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The greenback rose slightly in Asia after declining on Monday, the move came even as equity markets in the region made gains.

  • CNH: Offshore yuan heads into the European close slightly weaker, USD/CNH oscillated around neutral levels, reversing initial weakness after the PBOC fixed the yuan stronger than expected.
  • SGD: Singapore dollar is weaker, retracing its move on Monday. participants will look ahead to CPI data tomorrow. CPI hit the highest level since 2014 last month, though a low base effect and transitory factors were cited as drivers.
  • TWD: Taiwan dollar is weaker, reversing earlier strength. Taiwan reported 75 new local COVID-19 cases yesterday, marking the first time the country has recorded less than 100 cases in one day since May 14.
  • KRW: The won is stronger, USD/KRW set for a lower finish for the first time in seven sessions. The BoK warned that deepening fiscal imbalances caused by excessive borrowing and potential asset bubbles are a threat to the economy.
  • MYR: Ringgit fell, PM Muhyiddin's powerful coalition partner UMNO called for reopening the parliament within 14 days, with UMNO leader Zahid warning that a failure to act would be tantamount to treason. Tensions between Muhyiddin's Bersatu and UMNO have been simmering for months, with the gov't's survival hinging on their continued cooperation.
  • IDR: Rupiah is stronger, the daily nationwide count of new Covid-19 infections rose to a record. The 14,536 cases detected on Monday pushed the total case count above 2mn. Econ Min Hartarto announced new restrictions in areas mostly affected by the virus, despite calls by exports to implement a wider lockdown.
  • PHP: Peso is lower. The Philippines May budget deficit printed PHP 200.3bn from a deficit of PHP 44bn last time out. May expenditures rose 29.15% Y/Y, revenues rose 69.26%.
  • THB: Baht declined. A Bangkok Post source said that the BoT will hold a meeting with financial institutions this week to discuss proposed reduction to ceiling rates applied to targeted consumer products. Ceiling rates for some products with rates above 20% per year are expected to be trimmed by at least 1-2%.