The US Dollar weakened against ASEAN currencies such as the Singapore Dollar and Thai Baht as Emerging Market sentiment improved. Ahead, China GDP and the Bank of Indonesia are in focus. Get your market update from ddubrovskyFX here:
With that said, sentiment cautiously soured to wrap up the week and the US Dollar trimmed some of its losses. The situation for 2022 remains that the Fed, and other central banks from the developed world, are increasingly turning off the flow of stimulus and raising borrowing costs. That poses a challenge for Emerging Market assets, leavingThe US economic docket for the week ahead is fairly light outside of earnings reports and jobless claims.
On Monday, China’s economy is expected to grow just 3.3% y/y in the fourth quarter of 2021, down from 4.9% in the third. This follows a crumbling property market and ongoing government crackdowns on the technology and education sectors. As the country is the world’s second-largest economy, a softer outcome could dent risk appetite. ASEAN countries also have very close trading relationships with China.
USD/IDR will then be eyeing the Bank of Indonesia interest rate decision, where the 7-day reverse repo rate is expected to remain unchanged at 3.5%. The central bank expects to see inflation rise back into its target range this year, perhaps remaining reluctant to raise borrowing costs until then. It remains keen on maintaining currency stability, which may become more challenging amid a stronger US Dollar.
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