MNI China Daily Summary: Thursday, January 9

MNI: BAVARIA DEC CPI 3.0% Y/Y (FLASH WAS 3.2%)

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MNI BOJ: 2 OUT OF 9 JAPAN REGIONS UP ECON VIEW FROM OCT

MNI: PBOC Net Drains CNY20.7 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Lower At 7.1886 Thurs; -2.34% Y/Y

MNI: GERMANY NRW DEC CPI +0.5% M/M, +2.5% Y/Y

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MNI:AUSTRALIA NOV TRADE BALANCE A$+7079

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

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ASIA FX: USD Higher Against SEA FX, Indonesia FX Reserves Up Strongly In Dec

ASIA FX
BulletEM BulletAPACEmerging Market News

South East Asian currencies have lost ground against the USD so far in Wednesday trade. This reflects catch up with USD/yield gains from Tuesday's US session, post firmer data outcomes. Losses have been in the 0.30-0.45% region for the most part, with IDR the worst performer. 

  • USD/IDR has pushed back above 16200, but this is short of late Dec highs just above 16300, which prompted a response from the authorities. Despite various headlines around intervention at the time, Indonesia's FX reserves still showed a decent climb for Dec, up over $5bn to $155.74bn. This is fresh highs for reserves and also came in a month where the broader USD recorded solid gains. It leaves the authorities with ammunition to guard against further rupiah weakness in the period ahead.
  • USD/PHP is up to 58.35/40, close to YTD highs. Still, record highs from late last year near 59.00 remain some distance higher. The unemployment rate edged back down to 3.2% in Nov from 3.9%, but remains within last year's range.
  • USD/THB has climbed to 34.60/65, a baht loss of 0.40%. We are just under recent highs close to 34.70. USD/MYR is near 4.5000, holding within striking distance of recent highs (near 4.5200). 
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South East Asian currencies have lost ground against the USD so far in Wednesday trade. This reflects catch up with USD/yield gains from Tuesday's US session, post firmer data outcomes. Losses have been in the 0.30-0.45% region for the most part, with IDR the worst performer. 

  • USD/IDR has pushed back above 16200, but this is short of late Dec highs just above 16300, which prompted a response from the authorities. Despite various headlines around intervention at the time, Indonesia's FX reserves still showed a decent climb for Dec, up over $5bn to $155.74bn. This is fresh highs for reserves and also came in a month where the broader USD recorded solid gains. It leaves the authorities with ammunition to guard against further rupiah weakness in the period ahead.
  • USD/PHP is up to 58.35/40, close to YTD highs. Still, record highs from late last year near 59.00 remain some distance higher. The unemployment rate edged back down to 3.2% in Nov from 3.9%, but remains within last year's range.
  • USD/THB has climbed to 34.60/65, a baht loss of 0.40%. We are just under recent highs close to 34.70. USD/MYR is near 4.5000, holding within striking distance of recent highs (near 4.5200).