Most Asian FX down as Mideast tension pushes dollar higher
Indonesian rupiah falls as much as 0.8%
Analysts optimistic on Thai baht
Stocks in Malaysia gained 0.7%
By Rajasik Mukherjee
Aug 27 (Reuters) -The Indonesian rupiah and Philippine peso lost the most in emerging Asia on Tuesday, as geopolitical tensions in the Middle East dampened global risk appetite, prompting investors to flee into safe haven assets such as the U.S. dollar.
The dollar index, which measures the U.S. currency against six rivals, was last up 0.03% at 100.82 as of 0514 GMT.
Fears of an escalating conflict following Israel and Hezbollah's major missile exchange over the weekend put a dent in positive investor sentiment after the Federal Reserve signalled it was ready to cut rates. FRX/
Among emerging Asian currencies, the peso PHP= fell as much as 0.5%, as trade resumed after a holiday break, and was poised for its worst intraday fall in nearly two weeks. The rupiah IDR= depreciated as much as 0.8%.
The Fed indicated last week that it is ready to cut interest rates, making investors focus on the upcoming September meeting, which could influence regional monetary policy.
Asian central banks with the exception of the Philippines are likely to wait for the Federal Reserve's move to cut rates, although it may not imply an immediate follow-up, as they continue to assess their own domestic fundamentals.
Maybank analysts anticipate the Bangko Sentral ng Pilipinas (BSP) will initiate a cumulative 50 basis point cut this year, aligning with the Fed's easing, according to a research note. The analysts added that there are few domestic drivers to influence this decision.
Other currencies such as the Thai baht THB=TH, Malaysian ringgit MYR= and the Taiwan dollar TWD=TP fell between 0.1% and 0.3%.
Analysts, however, struck an optimistic tone with Maybank believing there are less chances of the baht falling further, while Barclays said a pick-up in tourism would further bolster the local currency.
"We are constructive on the THB and see room for gains to extend in the coming months on the back of receding political/fiscal risk premia, tourism seasonality, firmer gold prices...," added Barclays analysts.
The Singapore dollar SGD= was flat while equities in the city-state .STI lost 0.3%.
Among other Asian equities, stocks in Manila .PSI rose 0.3% while those in Taipei .TWII lost 0.5%
HIGHLIGHTS:
** Malaysia charges ex-PM Muhyiddin with sedition over alleged remarks on royalty, lawyer says
** Japan to monitor impact of expected US rate cut, finance minister says
** Top US general says risk of broader war eases a bit after Israel-Hezbollah exchange
Asian currencies and stocks at 0514 GMT | ||||||
COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % |
Japan | JPY= | -0.11 | -2.50 | .N225 | 0.12 | 14 |
China | CNY=CFXS | -0.02 | -0.35 | .SSEC | -0.36 | -4.36 |
India | INR=IN | -0.04 | -0.87 | .NSEI | 0.03 | 15.13 |
Indonesia | IDR= | -0.36 | -0.55 | .JKSE | -0.68 | 3.88 |
Malaysia | MYR= | -0.14 | +5.49 | .KLSE | 0.71 | 13.47 |
Philippines | PHP= | -0.41 | -1.50 | .PSI | 0.29 | 8.25 |
S.Korea | KRW=KFTC | -0.02 | -3.17 | .KS11 | -0.22 | 1.38 |
Singapore | SGD= | +0.05 | +1.21 | .STI | -0.29 | 4.50 |
Taiwan | TWD=TP | -0.31 | -3.70 | .TWII | -0.47 | 23.45 |
Thailand | THB=TH | -0.12 | +0.47 | .SETI | -0.15 | -3.75 |
Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
Asian stock markets https://tmsnrt.rs/2zpUAr4
Reporting by Rajasik Mukherjee in Bengaluru; Editing by Jacqueline Wong
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