Asian currencies subdued ahead of Fed, rupiah stumbles
Indonesia's rupiah leads declines among Asian currencies
Thai baht set to gain 5.6% this month
Stocks in Manila slip 2.8%
By Upasana Singh
Jan 31 (Reuters) -Most emerging Asian currencies traded narrowly on Tuesday, with the Indonesian rupiah hitting a one-week low as investors wait to see if the Federal Reserve will slow the pace of rate hikes as inflation and the economy show signs of losing momentum.
The rupiah IDR= fell 0.2% and Malaysia's ringgit MYR= eased 0.1%, while Thailand's baht THB=TH was flat.
"The market is generally cautious ahead of the major macro events, namely the Federal Open Market Committee meeting, the European Central Bank meeting and the U.S. payrolls data," said Alvin Tan, head of Asia FX strategy at RBC Capital Markets.
The Fed is widely-expected to raise interest rates by 25 basis points (bps) on Wednesday - the smallest since the central bank kicked off its tightening cycle 10 months ago with one the same size. Analysts expect two more quarter-percentage point hikes by mid-2023.
"I expect the Fed to reiterate the message that it is not looking to cut rates this year, contrary to market expectations. Nonetheless, the market is warming up to the idea that the Fed will pause soon," said Tan, adding that risk sentiment is likely to stay supported in coming weeks.
The Philippine peso PHP= was flat, while stocks in Manila .PSI slumped 2.8% and were set to mark their worst day since Dec. 2 last year.
Inflation in the archipelago was likely to be within a range of 7.5% to 8.3% in January after it hit a 14-year high in December.
India's rupee INR=IN fell 0.2%. Stocks in Mumbai .NSEI advanced 0.1%, with investors keeping an eye on the final day of Adani Enterprises' mega secondary share sale and the federal budget scheduled for Wednesday.
In other news, data showed China's economic activity swung back to growth in January after a wave of COVID-19 infections passed through the country faster than expected following Beijing's sudden U-turn on pandemic controls.
Equities across Southeast Asia were on the back foot, with stocks in Kuala Lumpur .KLSE declining 0.8% and Thailand's benchmark index .SETI shedding 0.3%.
Stocks in Jakarta .JKSE fell 0.6%. South Korea's benchmark index .KS11, which has gained 9% this month, dipped 0.6%.
HIGHLIGHTS:
** China's troubled property sector will continue to weigh on growth and will not be an engine of growth until there is some "cleaning up" of the market, according to the International Monetary Fund's chief economist
** Japanese makers of semiconductor manufacturing machinery and materials used to make chips said on Monday they had yet to hear from Japan's government about export restrictions
The following table shows rates for Asian currencies against the dollar at 0402 GMT.
COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % |
Japan | JPY= | +0.19 | +0.71 | .N225 | -0.12 | 4.96 |
China | CNY=CFXS | -0.05 | +2.13 | .SSEC | -0.38 | 5.43 |
India | INR=IN | -0.16 | +1.34 | .NSEI | 0.14 | -2.38 |
Indonesia | IDR= | -0.18 | +3.82 | .JKSE | -0.55 | -0.23 |
Malaysia | MYR= | -0.07 | +3.65 | .KLSE | -0.76 | -0.50 |
Philippines | PHP= | +0.04 | +2.13 | .PSI | -2.82 | 3.17 |
S.Korea | KRW=KFTC | -0.31 | +2.70 | .KS11 | -0.55 | 8.97 |
Singapore | SGD= | +0.02 | +1.97 | .STI | -0.04 | 3.86 |
Taiwan | TWD=TP | +0.29 | +2.19 | .TWII | -1.03 | 8.46 |
Thailand | THB=TH | +0.00 | +5.59 | .SETI | -0.29 | 0.46 |
Reporting by Upasana Singh in Bengaluru; Editing by Jacqueline Wong
免責聲明: XM Group提供線上交易平台的登入和執行服務，允許個人查看和/或使用網站所提供的內容，但不進行任何更改或擴展其服務和訪問權限，並受以下條款與條例約束：（i）條款與條例；（ii）風險提示；（iii）完全免責聲明。網站內部所提供的所有資訊，僅限於一般資訊用途。請注意，我們所有的線上交易平台內容並不構成，也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
所有缐上交易平台所發佈的資料，僅適用於教育/資訊類用途，不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議，或是交易價格紀錄，或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。
本網站的所有XM和第三方所提供的内容，包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接，皆爲‘按原狀’，並作爲一般市場評論所提供，而非投資建議。請理解和接受，所有被歸類為投資研究範圍的相關内容，並非爲了促進投資研究獨立性，而根據法律要求所編寫，而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊，相關詳情請點擊 這裡查看。
