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Business Recorder
02-07-2025
- Business
- Business Recorder
Ringgit, rupiah lead losses in Asia FX
BENGALURU: Most Asian currencies were under pressure on Wednesday, led by a decline in the Malaysian ringgit and Indonesian rupiah, as they tracked a softer dollar ahead of a closely watched US payrolls report and prospects for trade deals ahead of a July 9 deadline. The ringgit and rupiah shed 0.4% and 0.3%, respectively. The South Korean won was flat, as was the Hong Kong dollar. But the Taiwan dollar bucked the regional trend by adding 0.4%, tracking the softer US dollar. The dollar wallowed near levels last seen in February 2022, after Federal Reserve Chair Jerome Powell said overnight the central bank would wait for clarity on tariffs' impact before easing. The US Senate's passing of President Donald Trump's sweeping tax-cut and spending bill, which will add $3.3 trillion to the national debt, has stoked fiscal worries. 'I think market players are largely in wait-and-see mode until the release of the US non-farm payrolls data this Thursday,' said Poon Panichpibool, a market strategist at Krung Thai Bank. The US labour market remained resilient with a rise in job openings for May, data showed, but Thursday's payrolls report will be monitored for prospects of Fed interest rate cuts. Asian equities also wavered on Wednesday, putting in a mixed performance. Thailand's market was down 0.4% a day after the constitutional court suspended Prime Minister Paetongtarn Shinawatra pending a case seeking her removal on allegations of dishonesty and ethics breaches. A sharp retreat in mega-cap tech shares on Wall Street overnight spilled over to peers in South Korea and Taiwan, both tech-heavy markets.
New Straits Times
02-07-2025
- Business
- New Straits Times
Ringgit, rupiah lead losses in Asia FX; stocks mixed
SINGAPORE/HONG KONG: Most Asian currencies were under pressure on Wednesday, led by a decline in the Malaysian ringgit and Indonesian rupiah, ahead of a closely watched U.S. payrolls report and prospects for trade deals ahead of a July 9 deadline. The ringgit and rupiah shed 0.4 per cent and 0.3 per cent, respectively. The South Korean won was flat, as was the Hong Kong dollar. But the Taiwan dollar bucked the regional trend by adding 0.4 per cent, tracking the softer U.S. dollar. The dollar wallowed near levels last seen in February 2022, after Federal Reserve Chair Jerome Powell said overnight the central bank would wait for clarity on tariffs' impact before easing. The U.S. Senate's passing of President Donald Trump's sweeping tax-cut and spending bill, which will add US$3.3 trillion to the national debt, has stoked fiscal worries. "I think market players are largely in wait-and-see mode until the release of the U.S. non-farm payrolls data this Thursday," said Poon Panichpibool, a market strategist at Krung Thai Bank. The U.S. labour market remained resilient with a rise in job openings for May, data showed, but Thursday's payrolls report will be monitored for prospects of Fed interest rate cuts. Asian equities also wavered on Wednesday, putting in a mixed performance. Thailand's market was down 0.4 per cent a day after the constitutional court suspended Prime Minister Paetongtarn Shinawatra pending a case seeking her removal on allegations of dishonesty and ethics breaches. A sharp retreat in mega-cap tech shares on Wall Street overnight spilled over to peers in South Korea and Taiwan, both tech-heavy markets. South Korean stocks were down 0.8 per cent, with chipmaker SK Hynix losing 2.4 per cent. Taiwan, which has some of the world's largest chip manufacturers, was down 0.3 per cent. Shares of semiconductor giant TSMC retreated 0.9 per cent. But Singapore stocks were up 0.5 per cent, hitting a record high of 4,009.60 points, while equities in Malaysia rose 0.5 per cent to log the highest level since May 21. Shares in the Philippines and Indonesia were down 0.5 per cent and 0.9 per cent each. Investors remained cautious ahead of the July 9 deadline for countries to strike trade deals with the U.S. as U.S. President Donald Trump said he was not considering an extension.
The Star
02-07-2025
- Business
- The Star
Ringgit, rupiah lead losses in Asia FX, tracking softer US dollar; stocks mixed
Most Asian currencies were under pressure on Wednesday, led by a decline in the Malaysian ringgit and Indonesian rupiah, as they tracked a softer dollar ahead of a closely watched U.S. payrolls report and prospects for trade deals ahead of a July 9 deadline. The ringgit and rupiah shed 0.4% and 0.3%, respectively. The South Korean won was flat, as was the Hong Kong dollar. But the Taiwan dollar bucked the regional trend by adding 0.4%, tracking the softer U.S. dollar. The dollar wallowed near levels last seen in February 2022, after Federal Reserve Chair Jerome Powell said overnight the central bank would wait for clarity on tariffs' impact before easing. The U.S. Senate's passing of President Donald Trump's sweeping tax-cut and spending bill, which will add $3.3 trillion to the national debt, has stoked fiscal worries. "I think market players are largely in wait-and-see mode until the release of the U.S. non-farm payrolls data this Thursday," said Poon Panichpibool, a market strategist at Krung Thai Bank. The U.S. labour market remained resilient with a rise in job openings for May, data showed, but Thursday's payrolls report will be monitored for prospects of Fed interest rate cuts. Asian equities also wavered on Wednesday, putting in a mixed performance. Thailand's market was down 0.4% a day after the constitutional court suspended Prime Minister Paetongtarn Shinawatra pending a case seeking her removal on allegations of dishonesty and ethics breaches. A sharp retreat in mega-cap tech shares on Wall Street overnight spilled over to peers in South Korea and Taiwan, both tech-heavy markets. South Korean stocks were down 0.8%, with chipmaker SK Hynix losing 2.4%. Taiwan, which has some of the world's largest chip manufacturers, was down 0.3%. Shares of semiconductor giant TSMC retreated 0.9%. But Singapore stocks were up 0.5%, hitting a record high of 4,009.60 points, while equities in Malaysia rose 0.5% to log the highest level since May 21. Shares in the Philippines and Indonesia were down 0.5% and 0.9% each. Investors remained cautious ahead of the July 9 deadline for countries to strike trade deals with the U.S. as U.S. President Donald Trump said he was not considering an extension. HIGHLIGHTS: ** Trump says US could reach trade deal with India, casts doubt on deal with Japan ** Hong Kong's de facto central bank intervenes as HK dollar hits weak end of range - Reuters
Business Recorder
25-06-2025
- Business
- Business Recorder
Asian currencies rally
BENGALURU: Asian emerging market equities and currencies rose on Tuesday, fuelled by optimism and a revived appetite for risk after Israel and Iran agreed to US President Donald Trump's ceasefire proposal. The MSCI's gauge of Asian emerging market equities climbed 2.6%, rebounding from a 0.8% decline on Monday, while South Korean shares jumped 3% to log their highest close since late-September 2021. Indonesian equities gained 1.3%. Stocks in Taiwan and Philippines were up 2.1% and 1.4%, each. Israeli Prime Minister Benjamin Netanyahu said the country agreed to Trump's ceasefire proposal with Iran after meeting its goal of neutralising Tehran's nuclear and ballistic missile threat. The Israeli shekel rose 1.5%. An Iranian official earlier confirmed that Tehran had agreed to a ceasefire but the country's foreign minister said there would be no cessation of hostilities unless Israel stopped its attacks. The Israel-Iran ceasefire potentially brings to an end a 12-day conflict that forced millions to flee Tehran and stoked fears of a wider regional escalation, including the blocking of the Strait of Hormuz, a key chokepoint where a third of all seaborne oil and gas supplies go through. If Iran holds off on blocking the Strait of Hormuz, markets could gradually shift back to risk-on mode, with attention turning to the US trade deal deadline and the upcoming appeals court ruling on Trump's trade war, said Poon Panichpibool, a market strategist at Krung Thai Bank. The dollar, which was buoyed by safe-haven demand last week, fell after the ceasefire news, while oil prices tumbled to a more than one-week low. Oil prices influence regional currencies, since most emerging Asian economies are net oil importers and a rise in prices typically widens their current account deficits.
Business Recorder
11-06-2025
- Business
- Business Recorder
Asian currencies inch lower
BENGALURU: Asian stocks climbed on Tuesday, while regional currencies edged lower against a firmer dollar as investors tracked the second day of high-stakes trade talks between Washington and Beijing. Representatives from China and the US met in London on Monday, just days after US President Donald Trump and Chinese leader Xi Jinping held their first post-inauguration call to address an escalating trade dispute. Trump said he had received 'good reports' from officials engaged the talks, which are expected to extend into Tuesday. 'The sentiment across Asian stock markets seems to be lifted by optimism around the US-China trade talks, which is seemingly going smoothly,' said Poon Panichpibool, markets strategist at Krung Thai Bank. 'Developments so far suggest that tensions may ease slightly and that there will be no further escalation into a tariff standoff from either side, which is good.' MSCI's broadest index of Asia Pacific shares outside Japan rose as much as 0.8% to its highest level since January 21, 2022. South Korean equities rose 0.6%, and Indonesian shares gained 1.5%. DBS analysts said the second day of trade talks might see the US relaxing restrictions on tech exports in exchange for China resuming rare-earths mineral shipments. The tech-heavy Taiwanese index closed up 2.1% to over a two-month high, with chip giant TSMC jumping 4%. Malaysian stocks added 0.2%. Analysts at United Overseas Bank noted that the country's foreign portfolio inflows in May hit their highest level since March 2016 as signs of tariff de-escalation improved risk appetite. Regional currencies were largely unchanged. The absence of concrete outcomes from Monday's discussions between the world's two largest economies kept currency markets subdued, with traders hesitant to take big positions. 'FX markets are largely in consolidation mood, with upticks in USD seen,' said Christopher Wong, currency strategist at OCBC. The Malaysian ringgit, Singapore dollar each inched 0.1% lower, while the Taiwanese dollar and Thai baht edged 0.1% higher. The South Korean won fell 0.9%. The US dollar index was up 0.4% as investors awaited US inflation data, which is due on Wednesday. The inflation report is among the final key data points ahead of the US Federal Reserve's June 17-18 meeting, where it is widely expected to keep rates unchanged.
