{"id":81063,"date":"2026-05-20T09:04:26","date_gmt":"2026-05-20T02:04:26","guid":{"rendered":"https:\/\/hbbgroup.net\/asia-fx-indonesia-philippines-and-india-under-pressure-bny\/"},"modified":"2026-05-20T09:04:26","modified_gmt":"2026-05-20T02:04:26","slug":"asia-fx-indonesia-philippines-and-india-under-pressure-bny","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/vi\/asia-fx-indonesia-philippines-and-india-under-pressure-bny\/","title":{"rendered":"Asia FX: Indonesia, Philippines and India under pressure \u2013 BNY"},"content":{"rendered":"<div id=\"post-content-section\">\n<p>BNY\u2019s Bob Savage highlights growing stress across emerging Asian assets as higher U.S. yields, a stronger Dollar and Oil shock weigh on <a href=\"https:\/\/www.fxstreet.com\/brokers\/best-brokers-in-indonesia\" data-fxs-autoanchor>Indonesia<\/a>, the Philippines and India. IDR has hit record lows amid downgrades and index removals, while EM <a href=\"https:\/\/www.fxstreet.com\/bonds\" data-fxs-autoanchor>bonds<\/a> face rising inflation and funding costs. Policymakers respond with FX intervention and bond support, but vulnerabilities remain elevated.<\/p>\n<h2>Record-low IDR and broader EM strain<\/h2>\n<p>&#8220;Indonesia, the Philippines and India are facing mounting financial vulnerabilities as the global bond selloff and Iran war oil shock intensify pressure on already-fragile emerging Asian economies. Rising U.S. Treasury yields and a stronger dollar are fueling capital outflows, weakening regional currencies and increasing pressure on central banks to tighten monetary policy even as growth slows.&#8221;<\/p>\n<p>&#8220;IDR has hit fresh record lows, which will pose a test for the BI tomorrow: <a href=\"https:\/\/www.fxstreet.com\/markets\/equities\" data-fxs-autoanchor>equities<\/a> are down again, while 10y bonds are stable, holding near 6.76%. Both Moody\u2019s and Fitch have downgraded Indonesian bonds, warning about new government policy shifts. IDR has shed 14% of its value since President Prabowo Subianto took office in October 2024.&#8221;<\/p>\n<p>&#8220;MSCI has removed six Indonesian companies from its index and dropped another 13 from its small cap index. Politics matters more than natural resources in some nations.&#8221;<\/p>\n<p>&#8220;The Philippines has cancelled a 7y bond sale as investors sought yields as high as 8.125%. Treasurer Sharon Almanza said that the government rejected all bids because the \u201crates are too high.\u201d There were PHP 37bn of bids against the PHP 30bn sale.&#8221;<\/p>\n<p>&#8220;This contrasts with India, where 10y rates fell 3bp to 7.10%, partially reversing yesterday\u2019s 7bp rise. The government raised fuel prices by 3%, in its first hike in four years, helping to ease fiscal concerns. EM bonds face inflation from energy imports, a stronger USD and higher U.S. rates.&#8221;<\/p>\n<p><em>(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)<\/em><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>BNY\u2019s Bob Savage highlights growing stress across emerging Asian assets as higher U.S. yields, a stronger Dollar and Oil shock [&hellip;]<\/p>","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-81063","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/81063","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/comments?post=81063"}],"version-history":[{"count":0,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/81063\/revisions"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media?parent=81063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/categories?post=81063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/tags?post=81063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}