Most Asia FX gain as dollar eases; shares dip on caution ahead of US data
Malaysian ringgit hovers near Feb 2023 highs
Indonesia shares hit record high
S.Korea, Taiwan stocks fall on Nvidia forecast
Updates 0707 GMT
By Archishma Iyer and Rajasik Mukherjee
Aug 29 (Reuters) -Most emerging Asian currencies rose on Thursday as the U.S. dollar gave up some overnight gains, while most Asian shares fell as investors refrained from taking fresh bets ahead of key U.S. data that could shed light on the Fed's easing cycle.
The Malaysian ringgit MYR= gained as much as 0.6% to 4.316 per dollar, near its early 2023 highs and bringing its year-to-date gains to about 6.3%.
It has rebounded from a 26-year low hit a few months ago to become the region's best-performing currency on expectations of strong economic growth and robust foreign investments.
Among other currencies, the Thai baht THB=TH, South Korean won KRW=KFTC, Singapore dollar SGD=, and Chinese yuan CNY=CFXS were trading 0.2% to 0.3% higher.
The dollar index .DXY, which measures the strength of the greenback against six rivals, failed to sustain its overnight strength, dropping about 0.1% to 100.96.
"It has been a consolidative week for FX markets and we expect the same today. The fact that all the Asian currencies have benefited this month provides us some comfort that we are seeing a meaningful dollar adjustment," analysts from ING wrote in a note.
Investors await a key U.S. inflation reading on Friday in what has been an otherwise data-light week that has largely kept currencies drifting in narrow ranges.
That caution also kept equities on tenterhooks, with benchmarks in Bangkok .SETI, Manila .PSI and Kuala Lumpur .KLSE and Beijing .SSEC down between 0.3% and 1%.
The tech-heavy benchmarks of Seoul .KS11 and Taipei .TWII ended 1% and 0.8% lower, respectively, after AI-bellwether Nvidia's NVDA.O quarterly forecasts failed to meet investors' lofty expectations.
Taiwan Semiconductor Manufacturing 2330.TW, Asia's most valuable stock, finished 2.2% lower while South Korea's SK Hynix 000660.KS, an Nvidia supplier, slid 5.4%.
However, Jakarta .JKSE was an exception, rising as much as 0.7% to hit a record high for the third time in the last 10 days.
Growing hopes of a Fed rate cut have prompted foreign investors to inject money into Southeast Asia with Indonesian banks benefiting from the foreign funds, said Fakhrul Fulvian, chief economist of Trimegah Securities.
HIGHLIGHTS:
** Google weighs large data centre in Vietnam, source says, in nation's first by US big tech
** Malaysia's Khazanah raises $1 bln from sukuk, conventional bond offering
** South Korea's Yoon pledges urgent reform of $830 bln public pension fund
Asian stocks and currencies at 0707 GMT | ||||||
COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % |
Japan | JPY= | -0.08 | -2.51 | .N225 | -0.02 | 14.64 |
China | CNY=CFXS | +0.29 | -0.15 | .SSEC | -0.41 | -5.02 |
India | INR=IN | +0.10 | -0.79 | .NSEI | 0.14 | 15.44 |
Indonesia | IDR= | +0.00 | -0.16 | .JKSE | 0.62 | 5.96 |
Malaysia | MYR= | +0.51 | +6.30 | .KLSE | -0.64 | 14.42 |
Philippines | PHP= | +0.02 | -1.51 | .PSI | -0.96 | 6.85 |
S.Korea | KRW=KFTC | +0.30 | -3.38 | .KS11 | -1.02 | 0.26 |
Singapore | SGD= | +0.22 | +1.42 | .STI | 0.66 | 5.35 |
Taiwan | TWD=TP | +0.05 | -3.76 | .TWII | -0.75 | 23.82 |
Thailand | THB=TH | +0.27 | +0.62 | .SETI | -0.45 | -3.97 |
Reporting by Archishma Iyer and Rajasik Mukherjee in Bengaluru; Editing by Tom Hogue and Savio D'Souza
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