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Most USD/Asia crosses crept higher, even as the DXY pulled back from yesterday's multi-month high. BoK monetary policy decision headlined the regional economic docket.
- CNH: Offshore yuan traded on a firmer footing, but the leg lower in USD/CNH seemed driven by broader dollar weakness. China's State Council asked local governments to use proceeds from special bond sales to boost investment and expand domestic demand, while the city of Chengdu extended support to local developers.
- KRW: The won weakened a tad after the BoK raised the 7-Day Repo Rate by 25bp, in line with expectations, and lifted their inflation outlook. Governor Lee revealed that the decision was not unanimous (Joo Sangyong provided the expected dovish dissenting vote) and refused to rule out another hike in 1Q22, albeit he did not commit to such a move.
- IDR: The rupiah traded on a slightly softer footing. Bank Indonesia Governor Warjiyo told lawmakers the the central bank see the current account deficit widening to about 1.5% of GDP next year.
- MYR: The ringgit tumbled to a three-month low amid continued stock outflows. Local headline flow was relatively light and lacked notable market catalysts.
- PHP: Spot USD/PHP bounced after rejecting its 100-DMA in the wake of Wednesday's sell-off. Overnight greenback strength may have aided the move.
- THB: Spot USD/THB consolidated above its 50-DMA, as participants assessed yesterday's portion of BoT rhetoric.