Asian currencies tread water, stocks rise with Fed cuts in focus
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Asian FX muted as dollar ticks higher
Focus on magnitude of Fed rate cuts
EM stocks rise, with India at record high
By Archishma Iyer and Sherin Sunny
Aug 28 (Reuters) -Most emerging Asian currencies flitted in narrow ranges on Wednesday as the U.S. dollarticked higher, while most stock markets rose, with traders focussed on the magnitude of the Federal Reserve's widely anticipated interest rate cut next month.
The dollar index =USD rose about 0.2% to 100.82 at 0740 GMT, hovering near a 13-month low, as markets weighed up the likelihood of a 50-basis-point U.S. rate cut, rather than the more widely expected 25-bps cut. USD/
"Some profit—taking on USD shorts is seen today ahead of major tech earnings," said Chris Wong, OCBC currency strategist.
"I expect the dollar to remain a 'sell-on-rally' as the Fed cut amidst a goldilocks setting should provide a sweet spot for pro-cyclical currencies, including the South Korean won and Asian FX to recover."
In Asia, the Thai baht THB=TH fell nearly 0.3%, while the Singapore dollar SGD=, Malaysian ringgit MYR= and Indian rupee INR=IN traded between flat and 0.3% lower
The South Korean won KRW=KFTC ended 0.6% lower, while Seoul stocks .KS11 closed flat.
Tech-heavy benchmarks such as in South Korea and Taiwan treaded with caution ahead of U.S. chip giant Nvidia's NVDA.O quarterly earnings due after U.S. market hours. MKTS/GLOB
Most other stock markets rose, with India .NSEI hitting an all-time high on optimism that U.S. rate cuts will boost IT stocks and also help reroute foreign inflows into the emerging market. .BO
Among others, Jakarta .JKSE and Taipei .TWII gained 0.8% each.
Kuala Lumpur stocks .KLSE jumped as much as 1.8% to their highest since mid-December 2020, led by financial stocks. Malayan Banking MBBM.KL gained 1.9% after reporting a rise in quarterly profit.
In the Philippines, the peso PHP= did not trade on the day due to monsoon rains, while stocks .PSI drifted 0.2% lower.
HIGHLIGHTS:
** Vietnam completes key power transmission line to northern industrial hub
** Party of Thailand's new PM drops military-backed party from coalition government
** India's NSE applies for no-objection with markets regulator for public offer
Asian stocks and currencies at 0753 GMT | ||||||
COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % |
Japan | JPY= | -0.37 | -2.37 | .N225 | 0.22 | 14.67 |
China | CNY=CFXS | -0.07 | -0.44 | .SSEC | -0.40 | -4.62 |
India | INR=IN | -0.05 | -0.90 | .NSEI | 0.32 | 15.49 |
Indonesia | IDR= | +0.45 | -0.16 | .JKSE | 0.84 | 5.35 |
Malaysia | MYR= | +0.05 | +5.69 | .KLSE | 1.30 | 15.06 |
Philippines | PHP= | - | -1.46 | .PSI | -0.22 | 7.88 |
S.Korea | KRW=KFTC | -0.37 | -3.59 | .KS11 | 0.02 | 1.30 |
Singapore | SGD= | -0.16 | +1.23 | .STI | -0.35 | 4.52 |
Taiwan | TWD=TP | -0.14 | -3.88 | .TWII | 0.84 | 24.76 |
Thailand | THB=TH | -0.25 | +0.53 | .SETI | -0.06 | -3.70 |
Reporting by Archishma Iyer and Sherin Sunny in Bengaluru; Editing by Shri Navaratnam and Savio D'Souza
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