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SEA FX All Firmer, But Only USD/SGD Close To Late Nov Lows

ASIA FX

South East Asia spot FX markets have all seen USD losses since the open, albeit to varying degrees. Broader drivers of the dovish Fed, lower US yields and positive equity gains is driving sentiment at this stage.

  • Baht is 1.70% stronger at this stage, recording the strongest gains in the region. USD/THB was last near 35.20, earlier lows we at 35.06. This also coincides with the simple 200-day MA. Thailand equities have been relative underperformers of late, the index finishing down 1.16% yesterday. We are up 0.9% in early trade today.
  • IDR is the next beat performer up 1.2%, with spot USD/IDR last near 15475/80. We are still above late Nov lows sub 15400.
  • PHP is around 0.75% firmer, last near 55.65/70. PHP has given back some recent outperformance, with the currency barely up over the past week. The BSP decision is due later, but no change is expected.
  • USD/MYR, down nearly 1%, last near 4.6630/40, comfortably off yesterday's highs near 4.7100.
  • USD/SGD is down 0.30%, through 1.3300 and very close to late Nov lows, last near 1.3290.
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