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Rupiah Is Worst Performer As Rout Continues


Mixed performance to end the week, narrow ranges seen as the greenback holds most of its declines from Thursday.

  • CNH: Offshore yuan is weaker having given back gains made post inflation data. The PBOC sets its USD/CNY midpoint at 6.5409, 14 pips below sell side estimates, the third consecutive session where the bank has fixed the yuan stronger than expected, and the tenth time in the past thirteen sessions, reversing the pre-LNY trend for a fix above sell side estimates.
  • SGD: Singapore dollar is stronger, on track for the biggest weekly gain since mid-Feb. Late yesterday, FinMin Heng stepped aside as the designated successor to PM Lee, a shock move that could delay the transition of power.
  • TWD: Taiwan dollar is stronger, data yesterday showed robust inflation figures, markets look ahead to trade balance data after market today.
  • KRW: The won is slightly weaker, giving back initial gains on coronavirus fears. Acknowledging the severity of the coronavirus situation in the country officials have said it is possible that new case numbers could double in the next 1-2 weeks, and that a situation worse than the third wave is possible. Officials also said that raising the social distancing level is possible if needed.
  • MYR: Ringgit is slightly stronger but has declined through the session after opening higher, data showed industrial production rose 1.5% against expectations of a 1.8% rise.
  • IDR: Rupiah is lower, having seen a narrow trading range, since mid-Feb IDR has fallen around 4.6%.
  • THB: Baht has strengthened but is off best levels, Thai central bank warned the economy may grow less than forecast this year and said inflation could miss forecasts.
  • PHP: Philippines markets closed for a holiday.

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