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Yuan Firms, Asia EM FX Mixed

ASIA FX

The yuan edged higher ahead of the week-long Lunar New Year holiday, with Asia EM currencies trading mixed towards the end of a volatile week.

  • CNH: Yuan bulls were undeterred by yesterday's sharp rally in spot USD/CNH. The rate slipped in Asia-Pac trade, moving away from a two-week high printed on Thursday. The PBOC set their yuan reference rate at CNY6.3746, just 8 pips above sell-side estimate.
  • KRW: Spot USD/KRW punched through key resistance from Jan 7 cycle high of KRW1,203.90 and continued to creep higher, ignoring upbeat factory production data released out of South Korea. The BoK said they will hold a meeting on Feb 3 to review market situation.
  • IDR: The rupiah garnered some strength amid stabilisation after the Fed's hawkish announcement.
  • MYR: Spot USD/MYR extended losses after December data showed a solid beat in Malaysia's trade surplus, as shipments topped expectations.
  • PHP: Spot USD/PHP pulled back after a rejection of resistance from PHP51.500. The peso may have been supported by strong Philippine GDP data released Thursday, as Fed jitters receded. Elsewhere, the Philippines said it will scrap quarantine requirement for fully vaccinated visitors from Feb.
  • THB: Spot USD/THB pushed higher before trimming some gains. The Finance Ministry revised 2021 GDP growth forecast to +1.2% Y/Y from +1.0% and kept the 2022 forecast at +4.0%, noting that the Covid-19 outbreak is expected to peak in March.
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