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USD/CNH Trims Wednesday's Gains, Rupiah Loses Ground

ASIA FX

The yuan gained despite a weaker than expected PBOC fix, while Indonesian rupiah underperformed as local markets reopened.

  • CNH: Offshore yuan looked through another softer than expected PBOC fix and appreciated, with USD/CNH giving away some of its yesterday's gains. China's central bank set their USD/CNY mid-point 14 pips above sell-side estimate, which was a smaller divergence than on Wednesday.
  • KRW: The won was rangebound, even as South Korea's exports proved resilient, as per the report for the first 20 days of October.
  • IDR: The IDR underperformed in Asia EM basket as onshore Indonesian markets reopened after a holiday, with participants awaiting a speech from BI Gov Warjiyo.
  • MYR: The ringgit drew some modest support from firmer palm oil prices.
  • THB: The baht operated in a familiar range, amid talk of speculative activity of foreign investors driving the currency's sell-off over the recent months.
  • PHP: The peso traded marginally lower, with participants awaiting a briefing with central bank officials on Q3 inflation.
  • TWD: USD/TWD extended losses after Taiwan reported an above-forecast surge in export orders.
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