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Asia’s currency fight moves offshore as central banks push back

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Asia’s currency fight moves offshore as central banks push back
Asian central banks are increasingly facing currency pressures originating outside their borders. From South Korea to India and the Philippines, policymakers have ramped up efforts to curb offshore forex speculation as high oil prices, foreign fund exodus and a strong dollar pressure regional currencies.

South Korea’s finance ministry said on Sunday it will step up oversight of offshore currency derivatives. The Philippines has asked banks to ensure non-deliverable forward contracts are limited to economic purposes, while India has tightened limits on banks’ net open position to $100 million.

Indonesia, which unexpectedly raised interest rates on Tuesday, has said its central bank is active in currency markets “around the world, around the clock” to support the rupiah.

The warnings underscore concerns among Asian policymakers that offshore trading is adding to pressure on currencies. The oil-price shock from the US-Iran conflict has worsened the problem, hitting the region’s energy-importing nations. Indonesia’s rupiah breached the closely watched 18,000-per-dollar level, the Korean won has fallen to its lowest since the global financial crisis, while the Indian rupee and Philippine peso have hit record lows.

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The efforts to curb offshore forex trading may help ease some pressure, but analysts doubt they can reverse the trend on their own.


“It may have some impact, but ultimately for the measure to be successful there needs to be a shift in the fundamentals as well,” said Michael Wan, senior currency analyst at MUFG Bank Ltd.

1Bloomberg

Non-deliverable forwards are cash-settled derivative contracts that allow investors to hedge or speculate on currencies outside local markets. They make up for about 4% of the global $10 trillion a day FX market, according to Deutsche Bank AG, though they can play an outsized role in Asia where restrictions on convertibility are common.
That means activity driven out of global financial hubs such as Singapore, London and New York can sway local markets.

Authorities across the region have tried to reduce this influence during periods of currency stress.

India allowed local banks to participate in the NDF market in 2020 and has since tried to attract activity onshore to its finance hub at Gujarat International Finance Tec-City, or GIFT City. South Korea has opened its forex market to overseas investors and extended trading hours, while Thailand has allowed non-resident corporates to access onshore baht liquidity and hedge freely.

“The reason the NDF market exists is due to restrictions in the onshore market,” said Khoon Goh, head of Asia research at Australia & New Zealand Banking Group. If those restrictions are eased and there is enough liquidity, the need for NDFs will gradually fade, as seen in the case of the Singapore dollar and Thai baht, he said.

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Short-Dollar Book

Yet, the war-induced crisis has left some central banks with little choice but to intervene in those very markets they’ve been warning against. That defense has contributed to the drop in foreign-exchange reserves in the region.

The Reserve Bank of India has been particularly active, selling dollars primarily in shorter maturities, traders say. The central bank’s short dollar book, which includes offshore derivative positions, has likely surged to around $115 billion. Bank Indonesia has also sold dollars overseas to stabilize the currency.

The interventions have helped reduce outsized spillovers from offshore to local markets. In India’s case, the central bank has often been seen intervening just before onshore open to ease pressure on the rupee.

Some investors say currency weakness is the result of economic problems in individual countries rather than offshore trading.

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India is facing persistent capital outflows, with global funds pulling a record $30 billion from stocks this year, spurring recent efforts to attract overseas capital. In Indonesia, investors are growing wary of the economic outlook and fiscal trajectory under President Prabowo Subianto.

The Philippines is facing a renewed inflation shock from high oil prices, while South Korea has seen over $78 billion of net foreign investment exit its stock market so far in 2026 despite a rally to record highs earlier this month fueled by retail craze for artificial-intelligence stocks.

The steps central banks have taken, including intervening in offshore markets, are aimed at curbing sharper market moves, said Lavanya Venkateswaran, senior economist at Oversea-Chinese Banking Corp. “We still think that policy rate hikes are on the cards” for India, the Philippines and Indonesia, she said.

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Pandora Down Today? Users Report Playback, Login and App Issues as Complaints Spike Across the Country

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FTSE 100 Surges 0.8% Today as Oil Eases and Markets

Some Pandora users across the United States reported difficulty accessing the music streaming service Thursday, after outage tracking platform Downdetector recorded a noticeable rise in user complaints throughout the day.

Listeners described a range of problems, including playback interruptions during streaming, trouble loading the Pandora app, and login failures when attempting to sign into their accounts. The reports prompted many users to turn to social media and outage-tracking sites to ask whether Pandora was experiencing a broader, platform-wide service disruption.

As of Thursday afternoon, Pandora had not issued an official confirmation of a widespread outage affecting the service, despite the increase in user-submitted reports on Downdetector. The company has not released a statement identifying a specific cause for the issues some users experienced, and the scope of the disruption, whether it affected a small subset of users or a larger portion of Pandora’s overall user base, remained unclear based on publicly available information.

Downdetector, the outage-tracking platform where many of Thursday’s complaints were logged, works by aggregating user-submitted reports about service disruptions across thousands of websites and applications, rather than directly monitoring the internal systems of the companies it tracks. Because the platform relies on self-reported user complaints rather than direct access to a company’s server infrastructure, spikes in reported issues can sometimes reflect genuine service outages, while other spikes may result from more localized problems affecting individual users, internet service providers or specific devices rather than a true platform-wide failure.

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Separate monitoring services tracking Pandora’s status, including those affiliated with Sonos, which integrates Pandora’s streaming service into its home audio products, reported the platform as operational during checks conducted around the same period Thursday. One such service noted only a single user-submitted outage report over a 24-hour window, a volume of complaints within the range the service characterized as normal rather than indicative of a significant disruption.

Pandora, founded in 2000, has grown over more than two decades into one of the best-known platforms for personalized internet radio and music streaming in the United States. The service uses a recommendation system built around what the company calls the Music Genome Project, which analyzes musical attributes of songs to generate personalized listening stations based on a user’s stated preferences. Pandora has faced increasing competition in recent years from rival streaming platforms including Spotify and Apple Music, both of which have continued to expand their own personalized recommendation features in ways that have narrowed some of the differentiation Pandora’s algorithm-driven approach to music discovery once offered.

For users experiencing difficulty accessing Pandora, general troubleshooting steps commonly recommended for streaming service disruptions include restarting the Pandora app or closing and reopening it entirely, checking for available app updates through a device’s app store, verifying that the device’s internet connection is functioning properly by testing other online services, and, if accessing Pandora through a web browser, performing a full page refresh or clearing the browser’s cached data. If a service-side outage is confirmed to be the underlying cause of access problems, however, individual troubleshooting steps taken by users are unlikely to resolve the issue until the company restores normal service on its end.

Thursday’s reported issues with Pandora were not an isolated case of technology service disruptions drawing attention that day. Separate reports also surfaced regarding possible chat, login and API issues affecting Anthropic’s Claude AI system across multiple regions, including the United States, Australia and the United Kingdom, according to outage-tracking reports published around the same time, suggesting a broader pattern of scattered technology service disruptions being reported and tracked across different platforms that day, though the reported issues involving Pandora and other services do not appear to be directly connected to one another based on currently available information.

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Users seeking updates on Pandora’s service status are generally advised to monitor the company’s official social media channels or support pages for any formal acknowledgment of an outage, since third-party outage-tracking platforms like Downdetector, while useful for gauging the scale of user-reported complaints in near real time, do not have direct access to a company’s internal systems and cannot independently confirm whether reported issues stem from a true platform-wide outage, a more limited regional or device-specific problem, or unrelated individual technical issues affecting different users simultaneously.

As of the most recent available information, Pandora had not provided an estimated timeline for resolving the issues some users reported experiencing Thursday, and the company had not responded publicly to inquiries about the elevated complaint volume registered on Downdetector throughout the day. Users continuing to experience problems accessing the service were encouraged to check for updates directly through Pandora’s official channels rather than relying solely on third-party outage trackers for the most current and authoritative information about the platform’s operational status.

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Cerus Corporation (CERS) Q2 2026 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Operator

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Cerus Corporation’s Second Quarter 2026 Earnings Conference Call. Please be advised, today’s conference is being recorded. I would now like to hand the conference over to Tim Lee, Cerus’ Head of Investor Relations. Tim, you may begin.

Timothy Lee
Head of Investor Relation

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Thank you and good afternoon. I’d like to thank everyone for joining us today. As part of today’s webcast, we are simultaneously displaying slides that you can follow. You can access the slides from the Investor Relations website at ir.cerus.com. With me on the call are Vivek Jayaraman, Cerus’ President and Chief Executive Officer, and Kevin Green, Cerus’ Chief Financial Officer. Cerus issued a press release today announcing our financial results for the second quarter ended June 30, 2026, and describing the company’s recent business highlights. You can access a copy of this announcement on the company’s website at www.cerus.com.

I’d like to remind you that some of the statements we’ll make on this call relate to future events and performance, rather than historical facts and are forward-looking statements. Examples of forward-looking statements include those related to our future financial and marketing results, including our 2026 product revenue guidance, our expectations for gross margins, non-GAAP adjusted EBITDA performance, and our expected expense levels, as well as our commitment to achieving GAAP profitability. Expected future growth in our growth trajectory and market opportunities, our expectations that we will deliver P&L leverage in 2026, the availability and related timing of data from clinical trials, planned regulatory submissions and

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First Solar, Inc. (FSLR) Q2 2026 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript