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Free AccessRisk-Off Tone Weighs; Surprise MAS Action Bolsters SGD
Continued risk-off flows fuelled by the familiar combination of geopolitical risks & imminent Fed tightening sapped strength from Asia EM currencies, with a handful of exceptions. CNH grew stronger ahead of the LNY holidays, while SGD received a boost from unexpected monetary policy action.
- SGD: The Singapore dollar caught a bid and printed its best levels since Oct 21, after the MAS announced a surprise decision to tighten policy, joining the growing pack of monetary authorities scrambling to tame inflation. The MAS said they will "slightly raise" the appreciation rate of their S$NEER policy band, while keeping its width and centre level unchanged. It was the first unscheduled policy action from the MAS since 2015 and came on the heels of above-forecast CPI data released on Monday.
- CNH: Spot USD/CNH held a tight range. The yuan fix fell in close proximity to sell-side expectations, even as a BBG real-time tracker of redback strength against a basket of currencies surged to an all-time highs.
- KRW: The won went offered on the back of risk broader aversion. The news that South Korea's daily Covid-19 cases hit an all-time high while North Korea may have test-launched two cruise missiles added pressure to the KRW, with South Korea's growth data provoking a muted reaction. Meanwhile, South Korea said it is looking to ease rules on foreign investors' access to local FX markets.
- MYR: The ringgit traded sideways, holding a narrow range. PM Ismail Sabri noted that Malaysia considers relaxing Covid-19 rules for international travellers.
- PHP: The peso trimmed its initial losses. Philippine officials are set to discuss tweaks to Covid-19 Alert Level settings on Thursday, amid suggestions that Metro Manila could be moved down by one notch to Level 2.
- The likes of IDR and THB extended losses on the back of broader market impetus, as domestic headline flow failed to provide much in the way of notable catalysts.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.