March 25th, 2008

HKD: Inflation much higher than expected at 6.3% with surge in rents, food inflation, and strengthening CNY
Massive selloff in USDKRW, from 995 to 976 with return of risk appetite
INR: Stocks up 5% currency down from 40.20 to 40.00
THB: spot hit high of 31.72 just before 11am fixing, daily funding once again at a discount
- current ruling party seeking an amendment to constitution to prevent breakup of entire political party if one member found guilty of electoral fraud
SGD: CPI overnight at 6.5%, trade ministry still holding 4.5-5.5% forecast
- oil prices still at high but property sector looks to be cooling sligthly; GST effect wearing off in July and global slowdown should ease commodity inflation
- after steepening the slope in October MAS probably will avoid another hike especially with expectations lower in H2

Saudi Arabia moved into 2nd place as crude supplier to the US, inching ahead of Mexico but still way behind Canada, then Venezuela, then Nigeria