USD-Asia Crosses Higher Amid Risk Off

The greenback gained, and risk assets took a hit after German Chancellor Merkel announced stricter lockdown measures to be in place over Easter.

• CNH: Offshore yuan hovered between gains and losses; China's PM Li said yesterday that China's economic growth could exceed target this year while ex-PBOC adviser Li said China faces the threat of foreign outflows later in the year as rising borrowing costs in the US drives investors out of emerging markets.
• SGD: Singapore dollar is flat, treading water through the session ahead of the inflation report.
• TWD: Taiwan dollar is weaker, USD/TWD challenging the 28.50 level. The pair has risen for six straight days. Some of the decline in TWD is attributed to outflows from local stocks. Markets await industrial production data.
• KRW: The won is flat, South Korea has said it will take steps to stabilize the bond market if needed while President Moon said he expects "faster and stronger" economic recovery this year than previously expected.
• INR: Rupee is flat in early trade, yesterday the government announced an increase in its FDI ceiling in insurance in a bid to spur investment.
• IDR: The rupiah is weaker, Q1 GDP growth is seen at -1% to -0.1% at the release of the budget. Full 2021 growth outlook is kept at 4.5% to 5.3%.
• MYR: Ringgit is slightly weaker, PM Muhyiddin has proposed setting a deadline for Covid-19 vaccination registration.
• PHP: Peso is weaker, Philippine Pres Duterte & Econ Planning Sec Chua signalled their preference for smaller and more targeted restrictions, as the country grapples with the escalating outbreak of Covid-19.
• THB: Baht is weaker, PM Prayuth chairs a Cabinet meeting, with ministers expected to consider a revised soft loan programme & setting up an asset warehouse.