US DOLLAR ASEAN WEEKLY RECAPThe US Dollar mostly aimed higher this past week against ASEAN currencies such as the Singapore Dollar, Malaysian Ringgit and Philippine Peso. It lost ground however to the Indonesian Rupiah, resulting in an overall down week for my ASEAN-based US Dollar index. Weakness in the haven-linked Greenback notably slowed as of late despite a cautiously optimistic mood on Wall Street as equities rose over the past 5 days.The resilience in the Rupiah comes amid upbeat commentary from Bank of Indonesia’s Governor Perry Warjiyo who mentioned last week that intervention needs “have been largely reduced”. As I mentioned prior, the USD continued to focusing on external developments to find direction against currencies in the developing Asia Pacific region. This will likely continue being the case in the week ahead.LAST WEEK’S US DOLLAR PERFORMANCEUS Dollar Fundamental Outlook: SGD, IDR, MYR, PHP Focus on EarningsASEAN-Based US Dollar Index averages USD/SGD, USD/IDR, USD/MYR and USD/IDRConfirmed coronavirus case growth in Singapore, Malaysia, Indonesia and the Philippines has been slowing on average. The weekly chart below overlays these cases alongside my ASEAN-based US Dollar index. The latter averages USD against SGD, MYR, IDR and PHP. This is also following the cautious easing in global reports such as in countries like the United States, Italy and France.
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