Supportive Risk Environment

Risk sentiment rebounded in Asia which helped support Asia EM currencies.

• CNH: Offshore yuan strengthened, USD/CNH dipping back below the psychological 6.50 handle. On the coronavirus front China reported no new cases for the first time in over a month.
• SGD: Singapore dollar is stronger, Singapore is seeking to add more countries to its vaccinated travel lane after allowing vaccinated visitors from Germany and Brunei from next month.
• KRW: Won gained, South Korea's daily new coronavirus fell to 1,418 on Monday due to fewer tests over the weekend, as health authorities extended the toughest virus curbs for another two weeks
• TWD: Taiwan dollar is higher, Taiwan has begun administering its first domestically developed Covid-19 vaccines Monday as it seeks to rely more on local options after struggling to secure sufficient supply of the major international shots
• MYR: Ringgit gained, on Friday the King named Ismail the country's third prime minister in just 18 months, marking the return to power of UMNO.
• IDR: Rupiah is higher, gaining from a three-week low. The economic docket is empty this week, markets looks ahead to CPI data next week, a central bank survey seeks M/M CPI rising 0.04%.
• THB: Baht is higher, Thailand reported its lowest daily COVID-19 case count since July 30.
• PHP: Peso strengthened; the government is expected to propose a record budget of PHP 5.024tn today, up 11.5% from the current year's budget.