Asian currencies tepid on US election bets; stocks struggle for direction
.
'Trump trade' driving US dollar higher
Malaysia and Singapore Sept CPI due later in the week
Indonesia President Prabowo officially swears in cabinet
By Ayushman Ojha and Adwitiya Srivastava
Oct 21 (Reuters) -Asian stocks were wobbly on Monday, while currencies continued to face downward pressure as mounting expectations of Republican candidate Donald Trump winning the U.S. election next month pushed the dollar higher.
Election polls show rising odds of former President Trump winning the Nov. 5 election and are boosting the dollar, since his proposed tariff and tax policies are seen as likely to keep U.S. interest rates high and undermine currencies of trading partners.
The Thai baht THB=TH fell 0.4% and was set for its first monthly decline in six months, while the Philippine peso PHP= inched up 0.1% on Monday but was heading for its first monthly fall since May.
Other regional currencies, such as the South Korean won KRW=KFTC and the Malaysian ringgit MYR= were also on track for monthly declines, and have fallen nearly 4% so far in October.
Most Asian central banks have started their easing cycle. The Bank of Thailand last week surprisingly cut its key interest rate, while the Philippine central bank lowered rates and Bank Indonesia maintained the status quo as expected.
"Bank Negara Malaysia (BNM) is now the only Emerging Asia central bank that we do not expect to ease policy through 2025," Barclays analysts wrote.
Meanwhile, Indonesia's newly minted leader, President Prabowo Subianto officially swore in his cabinet on Monday, including the reappointment of the country's highly-regarded Finance Minister Sri Mulyani Indrawati.
The impact of Prabowo's election as Indonesia's new president should be positive for bonds and the rupiah, as Sri Mulyani has been reappointed as the finance minister, while the impact on stock market is to be mixed as details on policies are still awaited, said Fakhrul Fulvian, an economist at Trimegah Securities.
Shares in Jakarta .JKSE inched 0.3% higher, while the rupiah IDR= was largely unchanged.
In other parts of Asia, stock markets were wobbly, as investors looked for further details of more fiscal support from policymakers in China despite its slew of stimulus measures.
Stocks in Singapore .STI were down 0.5%, while Thai shares .SETI lost 0.4%.
Elsewhere, South Korean stocks .KS11 rose 0.7%, while Taiwan shares .TWII were up 0.5%.
Investors now await monthly inflation data from Singapore and Malaysia due later in the week.
HIGHLIGHTS:
** Thailand says investment pledges at 10-year high in Jan-Sept
** Vietnam PM says aiming to lift 2024 growth above 7%
Asian currencies and stocks at 0449 GMT | ||||||
COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % |
Japan | JPY= | +0.13 | -5.53 | .N225 | 0.17 | 16.68 |
China | CNY=CFXS | -0.01 | -0.08 | .SSEC | 0.82 | 10.53 |
India | INR=IN | -0.01 | -1.03 | .NSEI | -0.26 | 14.08 |
Indonesia | IDR= | -0.06 | -0.48 | .JKSE | 0.30 | 7.02 |
Malaysia | MYR= | +0.05 | +6.74 | .KLSE | -0.07 | 13.07 |
Philippines | PHP= | +0.09 | -3.56 | .PSI | -0.14 | 14.81 |
S.Korea | KRW=KFTC | -0.12 | -6.05 | .KS11 | 0.72 | -1.61 |
Singapore | SGD= | -0.05 | +0.63 | .STI | -0.45 | 11.84 |
Taiwan | TWD=TP | +0.42 | -3.80 | .TWII | 0.45 | 31.57 |
Thailand | THB=TH | -0.35 | +2.77 | .SETI | -0.39 | 4.81 |
Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
Asian stock markets https://tmsnrt.rs/2zpUAr4
Reporting by Ayushman Ojha in Bengaluru; Editing by Jamie Freed
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