Subdued; Elevated Inflation Boosts PHP

Narrow ranges seen in a subdued session ahead of US NFP.

• CNH: Offshore yuan is slightly weaker, USD/CNH rising above 6.40 and breaking yesterday's high. There were reports in the China Securities Journal that analysts say expectations of yuan appreciation have abated, noting yuan is under pressure from seasonal FX demand from overseas-listed Chinese companies for dividend payments.
• SGD: Singapore dollar flat, hugging a 15 pip range all session amid a lack of catalysts.
• TWD: Taiwan dollar is flat, having reversed losses at the open. Markets assess reports that the CBC ae to increase SME support by TWD 100bn and the approval of a TWD 260bn COVID-19 relief bill.
• KRW: Won is weaker, South Korea' reported 695 daily new coronavirus cases on Friday, above 600 for the third day. The won is on track for its first weekly decline in 3 weeks.
• MYR: Ringgit is lower, coronavirus cases remain elevated which has accelerate outflows from Malaysian stocks.
• IDR: Rupiah is weaker, BI Deputy Gov said yesterday that the BI will ensure monpol remains accommodative in order to boost the recovery.
• PHP: Peso is stronger, data earlier showed CPI rose in-line with estimates at 4.5%, core CPI rose 3.3%. Following the release BSP Governor Diokno said the bank expects CPI to ease to within target range by the second half of 2021.
• THB: Baht declined, data showed CPI fell faster than expected at -0.93% M/M, the Y/Y figure came in at 2.44% against estimates of 3.3%.