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Yuan Gains With Things Back To Normal With PBOC Fix, Most EM FX Remain Vulnerable

ASIA FX

Russia's escalating invasion of Ukraine remained a factor discouraging participants from buying EM currencies, albeit the redback managed to eke out some gains.

  • CNH: Offshore yuan appreciated a tad as the bearish bias in daily PBOC fixing narrowed to a typical, insignificant level.
  • KRW: Spot USD/KRW operated in positive territory as onshore markets in South Korea re-opened after a holiday. The won came under pressure from the escalation in Russia's invasion of Ukraine (with familiar implications for energy markets) and a continued surge in daily Covid-19 cases, which topped 200k for the first time.
  • IDR: Spot USD/IDR crept higher as the ongoing war in Ukraine undermined appetite for riskier EM currencies.
  • MYR: Spot USD/MYR oscillated around unchanged levels amid limited local news flow.
  • PHP: The Philippine peso retreated on Wednesday. Pressure on the currency may have been amplified by recent comments from BSP Gov Diokno, who reiterated that the central bank wants to maintain its loose policy stance.
  • THB: Spot USD/THB trimmed some of its initial gains after failing to test its 200-DMA. Thailand's business leaders convened to discuss the implications of the Russo-Ukrainian war.
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