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Risk sentiment improved, lending support to most Asia EM currencies, with a few outliers.
- CNH: Spot USD/CNH traded on a softer footing, despite initially shrugging off a firmer than expected yuan fixing. The PBOC increased appreciation bias while setting the mid-point of permitted USD/CNY trading band to nearly 70 pips as it continues to lean against redback weakness. It seems that some positive musings on the outlook for China's dire COVID-19 situation and a broader risk reprieve rather than PBOC fixing lent support to offshore yuan.
- KRW: The won regained poise even as South Korea's uneasy northern neighbour test-fired three short-range ballistic missiles and confirmed an "explosive spread" of fever and six deaths from COVID-19.
- IDR: The rupiah retreated to its worst levels since Apr 2021 ahead of comments from Bank Indonesia officials. Elsewhere, Finance Ministry's fiscal policy czar noted that state budget can still serve as a "shock absorber" against price increases.
- MYR: The ringgit reversed losses as Q1 GDP data topped expectations. The report showed that the economy grew 5.0% Y/Y in the three months through end-March, printing above the median estimate of +4.0%. A notable downward revision to the prior quarterly reading was a fly in the ointment.
- PHP: Spot USD/PHP continued to trade within touching distance from PHP52.500. Better than expected GDP data released Thursday fuelled debate on monetary policy outlook.
- THB: The baht was rangebound and last trades a touch lower on the day. However, spot USD/THB struggled to re-test yesterday's high after BoT Asst Gov expressed readiness to intervene in support of the baht. These comments were weighed against China's crackdown on "unnecessary" travel, which bodes ill for the recovery of Thailand's tourism sector.
- INR: Spot USD/INR extended its pullback from an all-time high printed Thursday, following the release of above-forecast CPI data out of India.
- HKD: The HKMA stepped up its defence of its currency peg, increasing HKD purchases to HKD6.947bn. Spot USD/HKD continues to hug the upper end of its permitted trading band.
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