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Won Leads Asia EM FX Lower Ahead Of FOMC Decision, Yuan Holds Firm

ASIA FX

The mood music turned more cautious ahead of the announcement of U.S. Fed's monetary policy decision today. Most USD/CNH crosses crept higher as a result, but the yuan remained resilient.

  • CNH: USD/CNH edged lower, unfazed by the PBOC's apparent discomfort with a heavier exchange rate. China's central bank set their USD/CNY mid-point at CNY6.4079, 11 pips above sell-side estimate.
  • KRW: The won went offered, pressured by a defensive feel ahead of FOMC policy announcement. PM Kim pushed back against the proposal of ruling party presidential candidate to extend another round of universal cash handouts.
  • IDR: USD/IDR extended gains to a one-month high, approaching its 200-DMA. Broader market impetus was in the driving seat.
  • MYR: USD/MYR firmed in Asia-Pac trade, with participants preparing for the upcoming monetary policy decision from BNM. Most (if not all) watchers expect Bank Negara to stand pat.
  • PHP: USD/PHP advanced, even as officials approved lifting general curfew in Metro Manila, effective tomorrow.
  • THB: USD/THB crept higher. Thai Dep PM Suttanapong noted that the economy has bottomed out and started to recover.
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