Asian currencies tumble as projected Trump win propels dollar
Singapore dollar hits 3-month-low
Malaysia c.bank holds key rate; ringgit down 1.5%
Thai baht posts worst intraday drop since Feb 2023
Updates at 0721 GMT
By Himanshi Akhand
Nov 6 (Reuters) -Singapore's dollar and Thailand's baht slid themost among Asian currencies on Wednesday, whilethe Mexican peso hit a two-year low as the dollar surged on projections that Republican Donald Trump had won the U.S. presidential election.
The Singapore dollar SGD= was last down 1.3% at a three-month low and set for its worst session since August 2015.
Thailand's baht THB=TH slumped as much as 1.9% to a two-month low, in its biggest one-day drop since February 2023.
The dollar was set for its biggest daily rise since March 2020 against major peers, and U.S. Treasury yields also soared to multi-month peaks. FRX/ US/
Fox News projected that Trump has won the U.S. presidency defeating Democrat Kamala Harris, and Republicans took control of at least one chamber of Congress. Other media outlets were yet to call the race.
Analysts view Trump's proposed tariff and immigration policies as inflationary, and are therefore likely to put upward pressure on prices, bond yields and the dollar, and undermine the currencies of trading partners.
"The market is making positioning adjustments to prepare for a possible Trump victory," said Ken Cheung Kin Tai, chief Asian FX strategist at Mizuho Bank.
"Regional investors are particularly worried about the impact from tariffs because most Asian economies rely on trade growth."
The Chinese yuan and Mexican peso are seen as the most vulnerable to a stronger dollar and heavier tariffs under Trump.
The yuan CNY=CFXS was last down 0.8%, while the peso MXN= dropped as low as 20.7080 for the first time since August 2022.
MUFG analysts feel a Trump win would hit the South Korean won, Singapore dollar, Thai baht and Malaysian ringgit harder than other Asian currencies because of their export orientation and sensitivity to a potential slowdown in China's growth.
The ringgit MYR=, Southeast Asia's best-performingcurrency this year, was last down 1.5%.
Malaysia's central bank kept interest rate unchanged, as expected, and said it was monitoring the U.S. election and was prepared to manage market volatility and ensure orderly market conditions.
The Indonesian rupiah IDR= fell 0.7% to a nearly three-month low. The central bank governor said the short-term focus was on the rupiah's stability amid the U.S. election outcome.
An official said the central bank was also ready to stabilise the rupiah, including via steps such as intervention, if there was excessive volatility.
Regional stock markets were mixed, with equities in Manila .PSI down 1.2%, while those in Taipei .TWII rose 0.5% and Mumbai .NSEI gained 0.9%.
HIGHLIGHTS:
** Thai headline CPI rises 0.83% y/y in Oct, below forecast
** Philippines posts widest trade gap in 20 months
Asian stock indexes and currencies as at 0721 GMT | ||||||
COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % |
Japan | JPY= | -1.52 | -8.37 | .N225 | 2.61 | 17.98 |
China | CNY=CFXS | -0.82 | -0.93 | .SSEC | -0.09 | 13.74 |
India | INR=IN | -0.16 | -1.23 | .NSEI | 0.92 | 12.45 |
Indonesia | IDR= | -0.73 | -2.84 | .JKSE | -1.07 | 1.91 |
Malaysia | MYR= | -1.48 | +4.20 | .KLSE | 0.37 | 11.82 |
Philippines | PHP= | -0.39 | -5.66 | .PSI | -1.27 | 11.09 |
S.Korea | KRW=KFTC | -1.27 | -7.81 | .KS11 | -0.52 | -3.46 |
Singapore | SGD= | -1.33 | -0.91 | .STI | 0.32 | 10.88 |
Taiwan | TWD=TP | -0.72 | -4.55 | .TWII | 0.48 | 29.48 |
Thailand | THB=TH | -1.63 | +0.18 | .SETI | 0.10 | 4.75 |
Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
Asian stock markets https://tmsnrt.rs/2zpUAr4
Reporting by Himanshi Akhand and Roshan Thomas in Bengaluru; Editing by Clarence Fernandez and Savio D'Souza
Aset Terkait
Berita Terbaru
Pengungkapan: Entitas XM Group menyediakan layanan khusus eksekusi dan akses ke Fasilitas Trading Online kami, yang memungkinkan Anda untuk melihat dan/atau menggunakan konten yang tersedia pada atau melalui situs, yang tidak untuk mengubah atau memperluas, serta tidak mengubah atau memperluas hal tersebut. Akses dan penggunaan ini selalu sesuai dengan: (i) Syarat dan Ketentuan; (ii) Peringatan Risiko; dan (iii) Pengungkapan Penuh. Oleh karena itu, konten disediakan hanya sebagai informasi umum. Anda juga harus ketahui bahwa konten Fasilitas Trading Online kami bukan sebagai ajakan atau tawaran untuk untuk melakukan transaksi apa pun di pasar finansial. Trading di pasar finansial mana pun melibatkan tingkat risiko yang signifikan pada modal Anda.
Semua materi yang diterbitkan di Fasilitas Trading Online kami hanya untuk tujuan edukasi/informasi dan tidak boleh mengandung nasihat dan rekomendasi finansial, pajak investasi atau trading, catatan harga trading kami, penawaran, permintaan, transaksi dalam instrumen finansial apa pun atau promo finansial untuk Anda yang tidak diminta.
Konten pihak ketiga apa pun, serta konten yang disiapkan oleh XM, seperti opini, berita, riset, analisis, harga, informasi lain atau link ke situs pihak ketiga yang tersedia "sebagaimana adanya", sebagai komentar pasar umum dan bukan menjadi nasihat investasi. Sejauh konten apa pun ditafsirkan sebagai penelitian investasi, Anda harus memperhatikan dan menerima bahwa konten tersebut tidak dimaksudkan dan belum disiapkan sesuai dengan persyaratan hukum yang dirancang untuk mempromosikan kemandirian riset investasi dan dengan demikian akan dianggap sebagai komunikasi pemasaran di bawah hukum dan peraturan yang relevan. Mohon dipastikan bahwa Anda telah membaca dan memahami Notifikasi pada Riset Investasi Non-Independen dan Peringatan Risiko kami mengenai informasi di atas, yang dapat diakses disini.
