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Won Leads The Way Lower After Weak Data & Virus Case Jump


A fairly subdued session amid fragile risk sentiment with most pairs moving in narrow ranges ahead of the FOMC meeting later.

  • CNH: The PBOC set its central USD/CNY mid-point at CNY6.4929, the weakest level in more than 3 months and 6 pips below sell-side estimate. Spot USD/CNH pulled back from a multi-month peak.
  • SGD: Singapore dollar strengthened slightly, on the coronavirus front there were 136 new cases yesterday, 55 of which were unlinked which has raised concerns of an undetected cluster.
  • TWD: Taiwan dollar is stronger, the government plans to increase its budget 5.4% Y/Y in 2022, revenues are forecast to rise 9%. The faster increase in revenue is expected to narrow the annual deficit to TWD 13bn, 84.3% lower.
  • KRW: Won is sharply weaker after consumer confidence recorded the first decline since December 2020 and COVID-19 cases hit a record high.
  • MYR: Ringgit gained, data showed Malaysia's trade balance widened more than expected, exports rose 27.2% compared to an estimated 11% rise but slowed down sharply from 47.3% in the previous month.
  • IDR: Rupiah is slightly weaker, Indonesia's Investment Ministry said Tuesday that direct investment grew 10% Y/Y in the first half of 2021, but the resurgence of Covid-19 and resultant mobility restrictions are expected to negatively affect investment realisation in Q3.
  • PHP: Peso hovers around neutral levels, Philippine overall BoP deficit shrank to $312mn in June from $1.397bn prior. The YtD BoP deficit printed at $1.94bn vs. $4.11bn a year ago.
  • THB: Markets in Thailand are closed today in observance of the King's birthday. Late yesterday Thai Cabinet approved THB61bn worth of measures to mitigate the impact of Covid-19 restrictions on individuals and businesses.

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