OCBC Bank: Weak US Nonfarm Data May Offer Asian Currencies Short-Term Relief, but Oil Prices and US Treasury Yields Limit Gains
智通财经2026/10/05 02:06(1) Two strategists from the research department of OCBC Group stated in a report that the lower-than-expected US nonfarm payrolls report may provide some "short-term relief" for Asian currencies. (2) The strategists noted that this report "somewhat reduces the urgency for the Federal Reserve to further tighten policy." (3) However, they indicated that "they remain cautious about extrapolating this to a broad rally in Asian foreign exchange markets." (4) The strategists also pointed out that long-term US Treasury yields remain high, while oil prices are still elevated, making oil-importing Asian currencies—such as the Indonesian rupiah, Philippine peso, and Thai baht—relatively more vulnerable. (5) The US dollar was little changed against the Philippine peso, quoted at 62.486 pesos; it rose 0.1% against the Thai baht, quoted at 33.56 baht.
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