Good morning! Happy Friday🌞!Sunny day in HK & sad to report that not much has changed on the Covid-19 front for Southeast Asia. Overnight, the ECB continued w/ lower for longer mantra. Prelim PMI for AU crashed as lockdowns bite on services. US existing home sales rose. PMI day!
Indonesia held rates as being the epicenter of Covid-19 is not time to raise rates. A weaker IDR means no space to cut. Of course, u know what my view for IDR is - Indonesia external liability = not gonna let that FX crash & burn & will help when necessary.
Thailand trade out.
Thailand trade out.
Thailand trade has been rocking it, just like South Korean trade even if their specialization is slightly different, although not that different. Thailand got tons of electronics, so do Koreans. Both good during Covid. But Thailand trade is just merchandise while services decline
Thinking about Thailand & Malaysia makes me a bit sad w/ the side-way if not downward trend these ASEAN leaders have gone. Goes to show when u don't have ur politics sorted, economics are subordinated to political consideration. Covid-19 is no time to not have ur house in order.
Got to finish a report. 1 of the best things about my job is that I get to think/articulate my analysis of socioeconomic events & hope to push EM Asia in a certain direction. In many ways they are diff from the policy ones I did in DC at the WB but the same. Or they're just rants
And not to forget that the best thing about going to the office to work, other than having a proper desk w/ a proper monitor/view, is the colleagues to banter economics/finance/markets with. Mom friends don't care about AUD moves🤗. U guys + colleagues do. So it's nice to work!!!
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