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Softer Than Expected PBOC Fix Ignored

ASIA FX

The Asia-Pac session provided little in the way of notable cues for Asia EM space, keeping most USD/Asia crosses in tight ranges.

  • CNH: Offshore yuan was trapped in a narrow range, despite a softer than expected PBOC fix, which came in 23 pips above sell-side estimate. Elsewhere, a former PBOC official noted that the central bank has limited easing room.
  • KRW: Spot USD/KRW traded on a slightly softer footing, which may have been a function of overnight greenback weakness. South Korea's CPI inflation accelerated to the fastest pace in a decade.
  • IDR: Spot USD/IDR continued to creep higher after punching through its 50-DMA yesterday amid fairly limited local headline flow.
  • MYR: Spot USD/MYR was rangebound, with participants awaiting the next monetary policy decision from BNM. The announcement is slated for tomorrow.
  • PHP: Spot USD/PHP advanced, ticking away from its 50-DMA, as onshore Philippine market reopened after a long weekend. OCTA Research Group backed lowering the Alert Level in Metro Manila to Level 2.
  • THB: The baht firmed a tad as Thailand's daily Covid-19 cases fell to the lowest levels in four months and the nation reopened its borders to vaccinated tourists from selected low-risk countries.
  • SGD: USD/SGD slipped ahead of the release of Singapore's PMI for the month of October.

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