Well, what goes up must come down, which also means that what goes down must come up we suppose, which is why once again, the previously hapless ringgit and rupiah are heavily bid. 

The two currencies have of course been caught up in the global EM turmoil, but as we documented extensively on Wednesday, the tide has turned a bit this week. 

When things are going especially poorly, sometimes all it takes is the slightest glimmer of hope to ignite a rally, and between a poor NFP report in the US (and yes, EM FX is clearly one place where bad news in the US economy is most definitely good news as it forestalls an FOMC liftoff), “better” than expected trade data in Malaysia, a deceptively low read on capital outflows from China, and dovish FOMC minutes, this week has brought several such glimmers and so, everyone has apparently begun backing up the truck on Asia EM optimism.

Here are some highlights from Bloomberg: