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Yuan Appreciates Amid Assessment Of Xi/Biden Talks

ASIA FX

The leaders of China & U.S. held their first summit, which was interpreted as a positive sign re: bilateral relations and lent some support to the redback.

  • CNH: Offshore yuan outperformed in Asia. Spot USD/CNH descended past ascending trendline drawn off 2018 low/Oct 19 low and bottomed out at its worst level since Jun 1, with the PBOC yuan fixing falling in close proximity to sell-side estimate.
  • KRW: Spot USD/KRW wiped out its opening gains and returned to neutral levels. South Korea reported public finance data, which showed a pick-up in tax revenue.
  • IDR: USD/IDR crept higher, with the rupiah struggling for momentum. FinMin Indrawati noted that the gov't sees 2021 budget deficit at 5.25% of GDP.
  • MYR: USD/MYR oscillated around neutral levels, as early voting in Melaka state election kicked off.
  • THB: The baht meandered after FinMin Arkhom said that a weaker exchange rate supported exports in 2021.
  • PHP: The peso lagged behind its regional peers, despite a beat in overseas remittances reported yesterday. The list of candidates for the 2022 elections has been finalised following some last-minute reshuffles ahead of Monday's deadline for replacing candidates.
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