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Yuan Looks Through Mixed Data Out Of China

ASIA FX

USD/Asia generally firmed as China's mixed economic data provoked little in the way of market reaction. GDP growth printed virtually in line with expectations, which came alongside a beat in retail sales and a miss in industrial output.

  • CNH: USD/CNH treaded water, paying little attention to domestic data. The PBOC fix matched today's sell-side estimate. Over the weekend, PBOC Gov Yi played down potential for any systemic spillover from the Evergrande saga.
  • KRW: The won underperformed in the Asia EM basket, despite continued decline in South Korea's daily Covid-19 cases.
  • THB: Spot USD/THB advanced, with BoT stealing the limelight today. The Bank admitted intervening in FX markets to curb baht volatility and support economic recovery.
  • PHP: Spot USD/PHP crept higher. BSP Gov Diokno sided with "team transitory" and suggested that Bankgo Sentral would rather wait too long with tightening policy than hike interest rates prematurely.
  • IDR: Spot USD/IDR moved away from a fresh cycle low. Indonesian FinMin Indrawati said that she expects a narrower budget deficit in 2021 than had been previously anticipated, as Indonesia's tax reform, higher commodity prices and economic recovery should boost state revenue.
  • MYR: The ringgit traded on a softer footing, the gov't signalled that they will crack down on anti-vaxxers and might impose restrictions on those who choose not to take a jab.
  • SGD: USD/SGD moved with the broader impetus. The annual growth rate in Singapore's non-oil domestic exports topped expectations, while electronic exports growth was a tad slower than projected.
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