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Most of the Asian currencies gained on Thursday,
after the US dollar crash, with the Singapore dollar hitting
a maximum of three weeks after your central bank unexpectedly adjusted
his politics.
The South Korean won and the Thai baht are among the top
percentage winners in the region, strengthening around half of a
percent each.
The Singapore dollar reaffirmed as much as 0.3% to touch its
highest since September 24, after the Monetary Authority of
Singapore tightened its policy for the first time since October
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2018, as the threat of inflation outweighed the growth risks posed by
the coronavirus.
Among stocks, Indonesia jumped 1.4% to climb
at the two-year level, the Philippines advanced more than 1%
after two days in a row of losses. Nifty 50 from India
scaled a new peak with tech stocks driving earnings.
The US dollar index hit its lowest level this week at
93,987 against major pairs on Thursday taking a breather from a
rally that had raised it to a one-year high fueled by
expectations of faster increases in interest rates from the Federal Reserve.
“The publication of the Fed’s minutes has reaffirmed the expectations
that the reduction can start towards the end of the year in ‘either
mid-November or mid-December, ”said Yeap Jun Rong, a market
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IG strategist.
In Asia, South Korea gained 0.6% and scored
his best day since the end of August, after the finance minister said
the government was willing to implement measures to stabilize
currency markets if necessary. The won has lost more than 5% since
July.
“While the recovery so far has not reached the levels
consistent with the earlier restoration of the slope of the Singapore dollar, a
against the backdrop of rising inflation risks in the coming quarters, along with
adequate recovery, encourage preventive normalization “,
Mizuho Bank analysts said in a note.
Among other currencies, the Thai baht added 0.5% to
scale a maximum of three weeks.
The Indonesian rupiah hit a high five months later
the holiday island of Bali reopened to foreign tourists after 18
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months of a pandemic hiatus.
The country, the largest economy in Southeast Asia and a thermal
exporter of coal, it is likely to have registered growth in September
exports supported by high commodity prices, while the trade surplus
a reduction is seen due to increased imports, a Reuters poll showed.
Meanwhile, the Chinese yuan fell from almost
Maximum of four months after the central bank posted the currency journal.
Fixing weaker than expected, with high producer inflation
the September reading adds to the political anxiety.
HIGHLIGHT:
** Indonesian 10-year benchmark yields are down 5.5 basis points.
up to 6.291%
** Inflation at China’s factory doors hits a record
September –
** The Thai economy bottomed out in the third quarter -c. Banking minutes –
Asia Stock Indices and
currencies at 0639 GMT
COUNTRY FX RIC FX FX INDE STOCK STOCK
DAILY YTD XSS YTD
%% DAILY%
%
Japan -0.27 -9.0 <.n2>
porcelain 1 CE>
India +0.09 -2.9 <.ns ei>
Indonesian +0.49 -0.7 <.jk ia se>
Malaysia +0.12 -3.2 <.cl a se>
Philipp -0.12 -5.1 <.ps ines i>
South Korea 8 11>
Singapore +0.18 -2.1 <.st re i>
Taiwan +0.09 +1.2 <.tw ii>
Thai +0.48 -9.7 <.se d ti>
(Reporting by Sameer Manekar in Bengaluru; Editing by Amy Caren
Daniel)
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