Asia FX Talk: Regional FX Remains Defensive

Regional Asian currencies remain defensive as the US dollar is bolstered by resilient economic data and 'higher for longer' rate expectations. The Indonesian rupiah is under significant pressure due to tight liquidity, energy prices, and domestic policy uncertainty.

Key Takeaways

• 1.The US dollar remains defensive and supported by resilient US economic momentum and high front-end yields above 4%.
• 2.Asian currencies (JPY, KRW, SGD, IDR, PHP, INR) are under pressure from 'higher for longer' US rate expectations.
• 3.The Indonesian rupiah (IDR) faces severe liquidity stress and vulnerability to high energy prices and domestic policy uncertainty.

Table of Contents

• Market Highlights
• Ahead Today
• INDICATIVE RATES 3-Jun-2026
• Disclaimer
• CERTIFICATION
• DISCLAIMERS
• Legal entities and branches
• General disclosures
• Country and region specific disclosures

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