USD Swings To Gains, Drags Asia EM FX Lower

The greenback initially started on the back foot after strong gains last week, but quickly moved into positive territory.

• CNH: The PBOC fixed USD/CNY at 6.4795, some 34 pips above sell side estimates, the PBOC once again resisting strength in the yuan. Trade data from China was strong which saw yuan gain in early trade, but as USD went bid the move reversed, USD/CNH last up 109 pips at 6.5269.
• SGD: Singapore dollar is weaker, touching the lowest since early November.
• TWD: A familiar pattern for Taiwan dollar, TWD strengthened at the open and then trended lower through the session. Strong export data from China bodes well for Taiwan.
• KRW: The won is weaker and holds the dubious honour of being the worst performers in Asia, touching the highest levels since November 5.
• INR: The rupee is stronger, after initially opening higher USD/INR trended lower through the session and into negative territory.
• IDR: Rupiah is weaker, bank Indonesia announced it was intervening in FX spot, domestic NDF markets
• MYR: Ringgitt declined, dropping to a 3-month low in the process.
• PHP: Peso is weaker, the government announced plans to reopen extra sections of the economy was put on hold.
• THB: Baht is weaker, dropping for a fifth day to extend its losing streak.