Indonesian rupiah, Malaysian ringgit fall most among tepid Asia FX
.
Rupiah hits lowest since mid-August
Ringgit hits lowest since mid-September
By Adwitiya Srivastava, Himanshi Akhand
Oct 28 (Reuters) -The Indonesian rupiah and Malaysian ringgit fell to multi-week lows among subdued Asian currencies on Monday, as strong U.S. economic data tempered Federal Reserve rate cut wagers, and bets of Donald Trump winning the presidency buoyed the greenback.
The rupiah IDR= fell 0.6% to hit its lowest level since mid-August, and was headed for its biggest monthly fall since March 2020.
The dollar was headed for its sharpest monthly rise in around 2-1/2 years on the back of rising U.S. yields. FRX/
Solid economic data leading to prospects of the Fed not cutting as far and big as investors had earlier anticipated has diminished the yield appeal of some emerging market currencies.
Markets now price almost no chance of a 50-basis point cut by the Fed at its November meeting, down from a nearly 50% chance priced in a month ago, according to CME's FedWatch tool.
"U.S. assets and the dollar are still preeminent and that's certainly one of the major drivers around currencies, and with that the relative attractiveness of different assets," said Michael Wan, senior currency analyst at MUFG.
"But if China were to put out meaningful stimulus, or if stories such as the AI chip boom or semiconductor developments gain limelight - that could also change the calculus somewhat in terms of the relative attractiveness of Asian assets."
The ringgit MYR= declined 0.5% to hit its lowest since early-September and was on course to log its worst monthly performance since late-2016.
Malaysian palm oil futures declined for a second consecutive session, while oil prices also slumped over 4%. O/R POI/
The recent unexpected decline in exports and a widening trade surplus have also kept the ringgit's gains in check.
Barclays analysts expect the ringgit to remain susceptible to U.S. election risks and think that the country's central bank likely paused replenishing its FX buffers amidst dollar strength.
Among other currencies, the Philippine peso PHP= and South Korean won KRW=KFTC advanced 0.3% each, while the Singapore dollar SGD= fell 0.2%.
China's yuan CNY=CFXS fell 0.2% to a more than two-month low against the dollar.
Among Asian equities, Indonesian stocks .JKSE fell about 1% to hit their lowest level since mid-October, while South Korean stocks .KS11 rose 1% as local battery suppliers of Tesla TSLA.O gained after the EV market leader's rally last week. KRW/
Third-quarter employment data from the U.S. on Oct. 31 remains on top of investors' watch list for the week, while they are also watching for GDP data from Hong Kong and Taiwan, and inflation data from Indonesia.
HIGHLIGHTS:
** Japan's government in flux after election gives no party majority
** China launches new lending tool ahead of year-end loan expiry
Asian stocks and currencies as at 0527 GMT | ||||||
COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % |
Japan | JPY= | -0.88 | -8.19 | .N225 | 2.05 | 16.23 |
China | CNY=CFXS | -0.17 | -0.50 | .SSEC | 0.09 | 11.01 |
India | INR=IN | +0.00 | -1.03 | .NSEI | 0.98 | 12.37 |
Indonesia | IDR= | -0.60 | -2.13 | .JKSE | -1.10 | 4.64 |
Malaysia | MYR= | -0.46 | +5.35 | .KLSE | -0.01 | 11.24 |
Philippines | PHP= | +0.33 | -5.09 | .PSI | 0.12 | 13.54 |
S.Korea | KRW=KFTC | +0.32 | -6.99 | .KS11 | 0.97 | -1.77 |
Singapore | SGD= | -0.24 | -0.38 | .STI | 0.00 | 10.90 |
Taiwan | TWD=TP | -0.03 | -4.19 | .TWII | -0.42 | 29.67 |
Thailand | THB=TH | +0.06 | +1.17 | .SETI | -0.47 | 2.88 |
Reporting by Adwitiya Srivastava and Himanshi Akhand in Bengaluru; Editing by Stephen Coates
Activos relacionados
Últimas noticias
Descargo de responsabilidades: Cada una de las entidades de XM Group proporciona un servicio de solo ejecución y acceso a nuestra plataforma de trading online, permitiendo a una persona ver o usar el contenido disponible en o a través del sitio web, sin intención de cambiarlo ni ampliarlo. Dicho acceso y uso están sujetos en todo momento a: (i) Términos y Condiciones; (ii) Advertencias de riesgo; y (iii) Descargo completo de responsabilidades. Por lo tanto, dicho contenido se proporciona exclusivamente como información general. En particular, por favor tenga en cuenta que, los contenidos de nuestra plataforma de trading online no son ni solicitud ni una oferta para entrar a realizar transacciones en los mercados financieros. Operar en cualquier mercado financiero implica un nivel de riesgo significativo para su capital.
Todo el material publicado en nuestra plataforma de trading online tiene únicamente fines educativos/informativos y no contiene –y no debe considerarse que contenga– asesoramiento ni recomendaciones financieras, tributarias o de inversión, ni un registro de nuestros precios de trading, ni una oferta ni solicitud de transacción con instrumentos financieros ni promociones financieras no solicitadas.
Cualquier contenido de terceros, así como el contenido preparado por XM, como por ejemplo opiniones, noticias, investigaciones, análisis, precios, otras informaciones o enlaces a sitios de terceros que figuran en este sitio web se proporcionan “tal cual”, como comentarios generales del mercado y no constituyen un asesoramiento en materia de inversión. En la medida en que cualquier contenido se interprete como investigación de inversión, usted debe tener en cuenta y aceptar que dicho contenido no fue concebido ni elaborado de acuerdo con los requisitos legales diseñados para promover la independencia en materia de investigación de inversiones y, por tanto, se considera como una comunicación comercial en virtud de las leyes y regulaciones pertinentes. Por favor, asegúrese de haber leído y comprendido nuestro Aviso sobre investigación de inversión no independiente y advertencia de riesgo en relación con la información anterior, al que se puede acceder aquí.
