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EM ASIA FX-Most currencies rise on weaker dollar; S.Korean won, ringgit lead gains

ForexNov 15, 2017 12:20
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© Reuters. EM ASIA FX-Most currencies rise on weaker dollar; S.Korean won, ringgit lead gains

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By Aditya Soni

Nov 15 (Reuters) - Most Asian currencies firmed against the dollar on Wednesday after the euro's gains on upbeat German economic data weakened the greenback.

The euro strengthened to 2-1/2 week highs as Germany's seasonally adjusted gross domestic product rose by 0.8 percent on the quarter, beating a Reuters poll, as buoyant exports and rising company investment in equipment boosted growth. dollar index .DXY that tracks the U.S. currency against six major peers was at 93.812, its lowest level since late October and well below its overnight high of 94.542. euro's rise is definitely supporting the Asian currencies but they are also being helped by some (Asian) central banks hinting at a possible review of monetary policy, said said Chang Wei Liang, FX strategist at Mizuho Bank.

Bank Negara Malaysia said last week it may consider reviewing its current monetary accommodation given the strength of global and domestic macroeconomic conditions.

Malaysia's inflation for full-year 2017 is expected to come in at the higher end of its forecast range of 3-4 percent. Philippine central bank raised its inflation forecast for 2018 last week, but kept unchanged its estimates for this year and 2019. The central bank said it will consider a monetary policy review depending on how U.S. Federal Reserve policy changes influence capital flows. are also waiting for U.S. October consumer inflation data due later on Wedndesday which is expected to show a marginal increase in consumer prices.

If the U.S. CPI numbers are softer than anticipated they could have an impact on Federal Reserve interest rate hikes and the dollar in the long term, said Chang Wei Liang, FX strategist at Mizuho Bank.

The Korean won KRW=KFTC led the gains among regional currencies for a second day as it gained 0.4 percent, while Malaysia's ringgit MYR= was up nearly a quarter of a percent to its highest since Nov. 2016.

The Indonesian rupiah IDR= , the Taiwan dollar TWD=TP and Chinese yuan CNY=CXFX also strengthened marginally.

PHILIPPINE PESO

The Philippine peso PHP=PDSP firmed 0.2 percent and is on track for a sixth session of consecutive gains despite a fall in September remittances, which were down 8.3 percent on the year.

The Philippines is one of the world's largest recipients of remittances, with millions of Filipinos working overseas sending home money that helps fund domestic consumption, a key driver of economic growth.

INDIAN RUPEE

The Indian rupee INR=IN rose 0.2 percent as oil prices fell more than 1 percent on Wednesday, continuing Tuesday's slide.

Oil prices fell after the International Energy Agency cast doubts over the past few months' narrative of tightening fuel markets.

India, Asia's second-largest oil importer after China, has been under pressure lately as rising oil prices could widen its current account deficit.

The following table shows rates for Asian currencies against the dollar at 0549 GMT.

CURRENCIES VS U.S. DOLLAR

Change on the day at 0549

GMT

Currency

Latest Previous

Pct

bid

day Move Japan yen

113.200

113.44 +0.21 Sing dlr

1.359

1.3588 -0.02 Taiwan dlr

30.158

30.180 +0.07 Korean won

1113.50

1118.1 +0.41

0

Baht

33.040

33.07 +0.09 Peso

51.100

51.18 +0.16 Rupiah

13541.0

13550 +0.07

00

Rupee

65.368

65.42 +0.07 Ringgit

4.182

4.1925 +0.25 Yuan

6.635

6.6366 +0.02

Change so far

Currency

Latest End 2016

Pct

bid

Move Japan yen

113.200

117.07 +3.42 Sing dlr

1.359

1.4490 +6.61 Taiwan dlr

30.158

32.279 +7.03 Korean won

1113.50 1207.70 +8.46

0

Baht

33.040

35.80 +8.35 Peso

51.100

49.72 -2.70 Rupiah

13541.0

13470 -0.52

00

Rupee

65.368

67.92 +3.90 Ringgit

4.182

4.4845 +7.23 Yuan

6.635

6.9467 +4.70

EM ASIA FX-Most currencies rise on weaker dollar; S.Korean won, ringgit lead gains
 

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