USD/THB Breaks To Fresh Multi-Week Lows, Mixed Trends Elsewhere

USD/Asia pairs are mixed today, with liquidity lighter due to China and Hong Kong holidays. USD/THB broke lower through 34.00 to fresh multi week lows. Moves were more modest elsewhere, with some USD support evident on dips. Tomorrow, the RBI decision is out, with +25bps expected. Also due is the Caixin services PMI in China.

• USD/CNH has mostly been range bound in lighter liquidity conditions. The pair got briefly to 6.8625/30, but it wasn't sustained. We last sit around 6.8710/20 now, slightly down for the session, but still underperforming broader USD trends.
• 1 month USD/KRW was generally supported on dips. We saw a low of 1307, but now sit back at 1310. Onshore equities are firmer, but aren't providing much positive spill over. The financial regulator announced this afternoon that local currency lending rules would be eased for foreign bank branches. This is designed to boost lending. March FX reserves ticked modestly higher.
• Spot USD/INR is lower, last sub 82.20, this is up slightly from earlier lows. Bears look to target the 200-Day EMA at 82.04. Bulls look to target the 83 handle, however they will first need to clear the 20-Day EMA (82.35). The services PMI printed at 57.8, versus 59.4 prior. The RBI is expected to hike +25bps tomorrow.
• The SGD NEER (per Goldman Sachs estimates) is little changed from yesterday's closing level this morning, we remain well within recent ranges and below cycle highs seen in March. We sit ~0.7% off the upper end of the band. USD/SGD softened yesterday as broader USD trends continue to dominate. The pair is a touch off its lowest level since 23 March, after failing to break the 20-Day EMA early in the week, last printing 1.3255. Better than expected retail sales data, +12.7% y/y, (+2.0% forecast), hasn't shifted the NEER materially.
• USD/THB sits close to session lows, last under 33.98, so through downside support at 34.00. March CPI was weaker than expected, y/y dipping to 1.7%, while core fell to 2.83%. 33.75 could be eyed on the downside, while beyond that is mid-February lows around 33.40. Note on the topside the 20 and 50-day EMAs are in the 34.30/35 region. Buoyant tourism sentiment continues to drive Baht.
• USD/PHP is down modestly, last near 54.45, up from session lows sub 54.40. Out earlier was March inflation figures, which came in below expectations. The headline y/y printed at 7.6%, versus 8.0% expected. The prior read was 8.6% y/y. Note for March headline prices fell 0.2% m/m, aided by lower food and transport costs. Core inflation still firmed to 8% y/y, fresh highs back to 1999. The headline CPI print was at the bottom end of the BSP's range, but still firm core pressures may prompt BSP to tighten further (note the next BSP meeting is May 18).