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U.S. CPI Report Reverberates Across Asia

ASIA FX

The Asia-Pacific reacted to Wednesday's market impetus generated by a beat in U.S. CPI, as the rate of inflation reached a multi-decade high. Resultant demand for the greenback underpinned USD/Asia crosses.

  • CNH: A stronger greenback prompted USD/CNH to nudge higher and the PBOC resumed pushbacks against any redback strength, as they delivered another softer than expected yuan fixing.
  • KRW: The won retreated and underperformed all of its regional peers, catching up with overnight market reaction to U.S. inflation data. USD/KRW printed a fresh three-week high before trimming gains. BoK Gov Lee warned that the central bank sees heightened uncertainty going forward.
  • IDR: The rupiah sold off sharply, as onshore Indonesian markets absorbed spillover from U.S. inflation report. Local headline flow was relatively thin, with comments from top economic officials awaited.
  • MYR: Spot USD/MYR had a look above its 50-DMA for the first time since Aug 27 and printed a new three-week high.
  • PHP: The peso traded on a softer footing, even as the government said they are looking into relaxing some border restrictions.
  • THB: Spot USD/THB crept higher. The BoT yesterday left their benchmark policy rate unchanged, in line with consensus.
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