RMB was marginally higher on Mon, rising 0.1% to 6.0593/USD, for its first gains 5 days,

after a firmer central parity and ahead of key monthly data releases starting from Wed which will provide more clues on economic outlook ahead. The RMB midpoint was set at 6.1083/USD vs. Friday’s 6.1089. Offshore 1Y NDF was pricing in a 0.9% decline for the onshore unit while offshore CNH weakened slightly to 6.0356/USD late Monday, vs. 6.0310 late Friday

SGD weakened 0.2% to 1.2708/USD late Mon,

moving back below the 1.27 level for the first time in 5 days, and saw low of 1.2709 late in the session. With relatively quiet data front in Asia, markets will look for clues in this evening’s maiden Congressional testimony by newly appointed US Fed Chair Yellen. This morning, the SGD NEER index dipped lower, to -0.67% below the mid- point from -0.39% yesterday, and is seen hovering between the 0.0% to -1.0% range for now. This implies USD/SGD range of 1.2620-1.2750.

Asian currencies were mixed against the USD on Mon

with “risk on” creeping back although
yesterday’s disappointing data from Malaysia industrial production and Taiwan’s exports are re-
minders that Asian outlook remain subdue for this year, and focus today will be on US Fed’s new
chair Yellen congressional testimony this evening.

In Asian session on Mon, KRW gained 0.3% to 1,071.22/USD and hit intraday high of 1,070.20 the
strongest since 29 Jan. TWD gained 0.1% to 30.380/USD at close on Mon from 30.406 on Fri. THB
was flat at 30.82/USD while MYR hovered around 3.3385/USD late afternoon, 0.3% down from
3.3290 on Fri after the weaker-than-expected industrial production data yesterday

Tuesday will see the beginning of newly appointed

Tuesday will see the beginning of newly appointed Fed Chair Yellen’s
semi-annual monetary policy testimony before Congress. Prepared