Risk Averse Trade

The greenback squeezed out some gains amid generally risk averse sentiment in Asia.

• CNH: Offshore yuan is weaker, but off worst levels. Markets await a raft of data from China this week; trade balance, GDP, industrial production and retail sales are all due.
• SGD: Singapore dollar is lower, late Friday it was announced that Singapore had ratified the Regional Comprehensive Economic Partnership (RCEP) and deposited its ratification instrument, becoming the first participating country to complete the official process.
• TWD: Taiwan dollar is weaker, losing ground as stocks decline. Data late on Friday showed Taiwan's exports rose for the ninth straight month in March, exports increased 27.1%.
• KRW: Won has weakened, data earlier in the session showed exports rose 24.8% Y/Yin the first 10 days of April as shipments of chips and autos remained robust amid an economic recovery from the pandemic. Imports increased 14.8%, resulting in a trade deficit of $1.7 billion in the period.
• MYR: Ringgit is weaker, Malaysian Plantation Industries and Commodities Ministry said that it is in talks to ramp up palm oil exports to Afghanistan. Min Khairuddin suggested that Malaysia wants to open a "golden gateway" to Middle Eastern markets.
• IDR: Rupiah is lower, a magnitude 6.0 earthquake hit Java over the weekend, killing 8 people, hurting dozens more and damaging 1,300 buildings. The event did not create a tsunami risk.
• PHP: Peso has weakened, Pres Duterte announced the loosening of restrictions in Metro Manila and the neighbouring provinces of Bulacan, Rizal, Laguna and Cavite, after hospitals in the region added 3,156 beds for Covid-19 patients.
• THB: Baht is lower, Thailand's daily Covid-19 case count surged to a new record on Sunday, as the country declared 967 new infections. Analysts have expressed concerns that the flare-up in infections could detail Thailand's re-opening plans, which include loosening border restrictions.