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Cycle Highs In Sight For USD/JPY


Outlook Remains Bearish

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The greenback continued its move lower, robust appetite for risk supported a bid in most Asia EM FX.

  • CNH: Offshore yuan is stronger, adding to gains after trade data showed a wider than expected trade surplus with soaring exports and import growth broadly in line with expectations.
  • SGD: Singapore dollar has strengthened, despite an increase in coronavirus infections Singapore is keen to push ahead with plans to open its aviation industry according to Transport Minister Ong Ye Kung. "We hope we can achieve this mutual opening with Hong Kong".
  • TWD: Taiwan dollar is higher after dropping yesterday. Yet another Taiwan central banker has joined the chorus touting the futility of intervention in TWD touting the success of Taiwanese companies and foreign inflows.
  • KRW: Won has gained and is the best performer today, Vice Finance Minister Lee gave an upbeat assessment of the economic recovery late yesterday, predicting the recovery will be faster than expected.
  • MYR: Ringgit is stronger, Finance Ministry said that the gov't will inject MYR440mn into the State Reserve Fund to help regional gov't's in dealing with the consequences of the Covid-19 outbreak.
  • IDR: Rupiah has strengthened. The Jakarta Post circulated the results of the 2021 Edelman Trust Barometer, which showed that 89% of Indonesians are concerned about losing their jobs, which is more than the 65% worried about potentially contracting coronavirus.
  • PHP: Peso is stronger, Philippine trade deficit narrowed to $2.413bn in March from the revised $2.711 recorded in February, while both imports and exports considerably topped expectations.
  • THB: Baht has gained, tourism Min Phiphat addressed concerns about the reopening of Phuket to foreign visitors. The off'l said that the number of Covid-19 cases in the resort island must fall to zero before allowing the entry of tourists, which is scheduled for Jul 1.