Indonesian rupiah, Malaysian ringgit fall most among tepid Asia FX
.
Rupiah hits lowest since mid-August
Ringgit hits lowest since mid-September
By Adwitiya Srivastava, Himanshi Akhand
Oct 28 (Reuters) -The Indonesian rupiah and Malaysian ringgit fell to multi-week lows among subdued Asian currencies on Monday, as strong U.S. economic data tempered Federal Reserve rate cut wagers, and bets of Donald Trump winning the presidency buoyed the greenback.
The rupiah IDR= fell 0.6% to hit its lowest level since mid-August, and was headed for its biggest monthly fall since March 2020.
The dollar was headed for its sharpest monthly rise in around 2-1/2 years on the back of rising U.S. yields. FRX/
Solid economic data leading to prospects of the Fed not cutting as far and big as investors had earlier anticipated has diminished the yield appeal of some emerging market currencies.
Markets now price almost no chance of a 50-basis point cut by the Fed at its November meeting, down from a nearly 50% chance priced in a month ago, according to CME's FedWatch tool.
"U.S. assets and the dollar are still preeminent and that's certainly one of the major drivers around currencies, and with that the relative attractiveness of different assets," said Michael Wan, senior currency analyst at MUFG.
"But if China were to put out meaningful stimulus, or if stories such as the AI chip boom or semiconductor developments gain limelight - that could also change the calculus somewhat in terms of the relative attractiveness of Asian assets."
The ringgit MYR= declined 0.5% to hit its lowest since early-September and was on course to log its worst monthly performance since late-2016.
Malaysian palm oil futures declined for a second consecutive session, while oil prices also slumped over 4%. O/R POI/
The recent unexpected decline in exports and a widening trade surplus have also kept the ringgit's gains in check.
Barclays analysts expect the ringgit to remain susceptible to U.S. election risks and think that the country's central bank likely paused replenishing its FX buffers amidst dollar strength.
Among other currencies, the Philippine peso PHP= and South Korean won KRW=KFTC advanced 0.3% each, while the Singapore dollar SGD= fell 0.2%.
China's yuan CNY=CFXS fell 0.2% to a more than two-month low against the dollar.
Among Asian equities, Indonesian stocks .JKSE fell about 1% to hit their lowest level since mid-October, while South Korean stocks .KS11 rose 1% as local battery suppliers of Tesla TSLA.O gained after the EV market leader's rally last week. KRW/
Third-quarter employment data from the U.S. on Oct. 31 remains on top of investors' watch list for the week, while they are also watching for GDP data from Hong Kong and Taiwan, and inflation data from Indonesia.
HIGHLIGHTS:
** Japan's government in flux after election gives no party majority
** China launches new lending tool ahead of year-end loan expiry
Asian stocks and currencies as at 0527 GMT | ||||||
COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % |
Japan | JPY= | -0.88 | -8.19 | .N225 | 2.05 | 16.23 |
China | CNY=CFXS | -0.17 | -0.50 | .SSEC | 0.09 | 11.01 |
India | INR=IN | +0.00 | -1.03 | .NSEI | 0.98 | 12.37 |
Indonesia | IDR= | -0.60 | -2.13 | .JKSE | -1.10 | 4.64 |
Malaysia | MYR= | -0.46 | +5.35 | .KLSE | -0.01 | 11.24 |
Philippines | PHP= | +0.33 | -5.09 | .PSI | 0.12 | 13.54 |
S.Korea | KRW=KFTC | +0.32 | -6.99 | .KS11 | 0.97 | -1.77 |
Singapore | SGD= | -0.24 | -0.38 | .STI | 0.00 | 10.90 |
Taiwan | TWD=TP | -0.03 | -4.19 | .TWII | -0.42 | 29.67 |
Thailand | THB=TH | +0.06 | +1.17 | .SETI | -0.47 | 2.88 |
Reporting by Adwitiya Srivastava and Himanshi Akhand in Bengaluru; Editing by Stephen Coates
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.
