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Yuan Drops On Prospect Of Policy Easing, Most Asia EM FX Stay Rangebound

ASIA FX

USD/Asia crosses were happy to hug tight ranges as participants assessed hawkish FOMC minutes published Wednesday and the prospect of more policy easing from China.

  • CNH: Spot USD/CNH crept higher as the region played catch up with FOMC minutes, while China's State Council signalled that officials will use monetary tools and other measures "at appropriate time" to boost consumption.
  • KRW: The won remained stable after the release of better than expected Q1 earnings report from Samsung.
  • IDR: Spot USD/IDR oscillated around neutral levels as participants awaited Bank Indonesia Dep Gov Waluyo's speech on policy exit/support for economic recovery.
  • MYR: Spot USD/MYR pushed higher, some saw it as a function of Wednesday's slide in oil prices, albeit crude regained poise in Asia.
  • PHP: Spot USD/PHP traded comfortably within yesterday's range, ignoring domestic data signals. The unemployment rate stayed at 6.4% in February, while the local statistics agency revised higher its GDP growth estimate for 4Q2021 & full 2021.
  • THB: Spot USD/THB printed a one-week high before trimming some gains as onshore markets re-opened after a holiday. Note that recent days saw the 50-DMA cross below the 200-DMA.
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