Uninspired

Another quiet session with markets having one eye on the FOMC rate announcement later this week, while other markets return from a holiday on Monday.

• CNH: Offshore yuan is slightly stronger, sticking to yesterday's range. There were reports in Financial News that the yuan could face pressures to depreciate in the second half of 2021.
• SGD: Singapore dollar is flat after seeing limited movement on Monday. An MAS survey found that the Singapore economy is set to expand by 6.5% this year, higher than the Government's full-year growth forecast of 4%-6%.
• TWD: Taiwan dollar is weaker, moving away from the 27.60 support level challenged yesterday. There were reports that the government plans to increase loans available to local firms by TWD 150bn under the "Invest Taiwan" programme.
• KRW: Won is weaker, Finance Minister Hong said late yesterday that the government will consider repaying part of the country's national debt with excess tax revenue when it draws up another extra budget. Data showed money supply L rose 1.8% in April
• MYR: Ringgit is weaker, Malaysia's Covid-19 vaccine czar Khairy confirmed that inoculations of workers from key economic sectors will start on Wednesday, with m'fing sector workers first in the line. Malaysia has earmarked 30,000 jabs for vaccinations of factory workers this month.
• IDR: Rupiah declined, data showed the trade surplus widened, exports and imports both rose slightly higher than estimates.
• PHP: Peso dropped, Philippines slightly relaxed restrictions in the NCR+ bubble yesterday, including shortening curfew hours, despite earlier extending lockdown in the capital region.
• THB: Baht is flat, PM Prayuth held discussions with key economic off'ls yesterday on ways to arrest the surge in household debt, which may pose a threat to Thailand's economic recovery.