OCBC strategists note that the weaker-than-expected U.S. nonfarm payrolls report has reduced the urgency for further Fed tightening, which could provide some near-term relief for Asian currencies. However, they caution against extrapolating this into a broad-based Asian FX rally, as long-dated U.S. Treasury yields and oil prices remain elevated, keeping oil-importing Asian currencies like the Indonesian rupiah, Philippine peso, and Thai baht relatively more exposed.