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ASIA FX: Some Spot Gains In SEA, PHP Continues Recent Outperformance

ASIA FX
BulletEM BulletAPACEmerging Market News

In South East Asian FX markets, we have seen some spot gains versus the USD, with some catch up in play post onshore closes on Monday. In terms of NDFs though, we haven't seen a great deal of movement versus end NY levels from Monday. 

  • USD/THB is back under 34.00, session lows rest at 33.91. We sit a little higher now, the pair last near 33.98. This is still 0.60% stronger in baht terms (per BBG). Some catch up to USD losses on Monday may be in play, whilst the yuan has actually rallied modestly despite Monday's US announcement of a further 10% tariff rise. This puts USD/THB back sub its 100-day EMA (near 34.13), while current levels are close to the 50-day.
  • The BoT Deputy Governor was on the wires, saying the central bank has room to respond to shocks. The central bank will also ensure that FX shifts don't amplify shocks.
  • USD/IDR is back at 16450 (up around 0.20% in IDR terms), moving off recent highs near 16600. The 1 month NDF is little changed though at 16460/65.
  • USD/PHP is back near 57.80, up around 0.20% as well in spot PHP terms. This sees us back close to recent lows and within striking distance of the 200-day EMA (around 57.75). Over the past month the PHP has been the top EM Asia FX performer, up nearly 1% versus the USD. Less exposure to the trade conflict in a direct sense is certainly a positive.
  • USD/MYR is holding just under 4.4700 in latest dealings, little net change so far today. We saw an earlier dip sub 4.4600 supported. 
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In South East Asian FX markets, we have seen some spot gains versus the USD, with some catch up in play post onshore closes on Monday. In terms of NDFs though, we haven't seen a great deal of movement versus end NY levels from Monday. 

  • USD/THB is back under 34.00, session lows rest at 33.91. We sit a little higher now, the pair last near 33.98. This is still 0.60% stronger in baht terms (per BBG). Some catch up to USD losses on Monday may be in play, whilst the yuan has actually rallied modestly despite Monday's US announcement of a further 10% tariff rise. This puts USD/THB back sub its 100-day EMA (near 34.13), while current levels are close to the 50-day.
  • The BoT Deputy Governor was on the wires, saying the central bank has room to respond to shocks. The central bank will also ensure that FX shifts don't amplify shocks.
  • USD/IDR is back at 16450 (up around 0.20% in IDR terms), moving off recent highs near 16600. The 1 month NDF is little changed though at 16460/65.
  • USD/PHP is back near 57.80, up around 0.20% as well in spot PHP terms. This sees us back close to recent lows and within striking distance of the 200-day EMA (around 57.75). Over the past month the PHP has been the top EM Asia FX performer, up nearly 1% versus the USD. Less exposure to the trade conflict in a direct sense is certainly a positive.
  • USD/MYR is holding just under 4.4700 in latest dealings, little net change so far today. We saw an earlier dip sub 4.4600 supported.