EMERGING MARKETS-Asian currencies steady, traders hold off on bets before U.S. inflation


* Investors torn between higher yields and Fed stance - Analyst * Malaysia's ringgit rose the most after the long weekend * Singapore stocks were led by banks and real estate firms June 8 (Reuters) - Asian emerging currencies held out on Tuesday broadly stable as traders take a cautious approach ahead of US inflation data this week for further clues about the Federal Reserve's taper. Equity markets in the region were mixed, with Kuala Lumpur leading the way, up 0.4%, while Jakarta <.JKSE fell 0.8% on concerns over spikes in COVID-19 cases in some Parts of the country. Investors are watching US inflation data due Thursday after last week's salary report dampened expectations of short-term Fed measures to tighten monetary policy. "There is some breathing space for EM investing as taper fears are allayed," Eugene Leow, an interest rate strategist at DBS, said on a client note. “We believe investors are still torn between looking for higher returns while keeping an eye on when the Fed's stance would change. An uncomfortable carry environment is likely to persist as complacency about low USD rates seeps in, ”he added. The ringgit, which resumed trading on Monday after a market holiday, rose 0.2% while the Philippine peso and South Korean won fell. The rupiah, favored by foreign investors in view of Indonesia's high-yield debt, remained stable. Central bank data showed that foreign exchange reserves fell $ 2.4 billion in May due to capital outflows. Indonesian authorities moved more doctors and nurses to two areas on the islands of Java and Madura after hospitals there reached full capacity, raising concerns about a potentially wider spike in COVID-19 cases that have occurred in recent years Weeks have struck other Asian countries. The stock markets in South Korea and Taiwan, both of which have so far risen in double digits this year in the wake of the recovery in world trade, showed little change. In Singapore, real estate and banking stocks were topped. The city-state finance minister said new international tax rules shouldn't weaken incentives for businesses to invest and innovate. Traditionally a low-tax country, Singapore is home to the regional headquarters of several global multinationals. HIGHLIGHTS: ** Indonesian 3-year benchmark returns fell 7.7 basis points to 4.828% ** CapitaLand Integrated Commercial Trust fell the most in Singapore at 1.4% Asian stock indices and currencies by 0331 GMT YTD% DAILY% YTD% Japan -0.13 -5.61 -0.11 5.62 China +0.06 +2.12 -0.38 3.25 India +0.00 +0.36 0.00 12.66 Indonesia +0.00 -1.54 -0.82 0.69 Malaysia +0.19 -2.38 0.44 -2.57 Philippines -0.10 +0.65 0.28 -4.99 S. Korea -0.13 -2.52 0.00 13.18 Singapore +0.02 -0.15 -0.45 11.17 Taiwan +0.12 +2.90 0.04 16.00 Thailand -0.06 -3.97 -0.19 11.05 (Reporting by Nikhil Kurian Nainan in Bengaluru editorial staff Shri Navaratnam)

https://thedailytradingnews.com/emerging-markets-asian-currencies-steady-traders-hold-off-on-bets-before-u-s-inflation/

Comments

Post a Comment

Popular posts from this blog

China’s new space station opens for business in an increasingly competitive era of space activity

The International Space Station is no longer the only place where humans can live in orbit. On Nov. 29, 2022, the Shenzhou 15 mission launched from China's Gobi Desert carrying three taikonauts – the Chinese word for astronauts. Six hours later, they reached their destination, China's recently completed space station, called Tiangong, which means "heavenly palace" in Mandarin. The three taikonauts replaced the existing crew that helped wrap up construction. With this successful mission, China has become just the third nation to operate a permanent space station. China's space station is an achievement that solidifies the country's position alongside the US and Russia as one of the world's top three space powers. As scholars of space law and space policy who led the Indiana University Ostrom Workshop's Space Governance Program, we have been following the development of the Chinese space station with interest. Unlike the collaborative, US-led Inte
Read more

North Uist spaceport scheme could 'review' role of Russia-linked firm

Image
Plans to build a rocket-launching spaceport in the Outer Hebrides could be dealt a blow over links to Russia, we can reveal. Western Isles Council has signaled it may need to order a “review” of its partnership with consultancy firm Commercial Space Technologies (CST) Ltd, depending on future government advice. The firm is registered in the UK but has long-standing connections with Russia. Scottish ministers urged businesses on Thursday to cut their ties to Russia amid international outrage at Vladimir Putin's decision to invade Ukraine. CST said it had sought advice from the UK Government's department of international trade. The company is involved in a consortium which is driving the Spaceport 1 project at North Uist. North Uist It is working alongside the local authority, also known as Comhairle nan Eilean Siar, development agency Highlands and Islands Enterprise (HIE), and defense firm QinetiQ. The original plans attracted a flood of objects, but h
Read more

How Iran is accessing the social media accounts of protesters to incriminate them, experts say

Image
CNN — In between being blindfolded, locked in solitary confinement, and interrogated in a wheelchair while she was on a hunger strike following her late September arrest, Negin says she had a realization: Iranian officials were using her private Telegram chats, phone logs and text messages to incriminate her. “They told me 'Do you think you can get out of here alive? We will execute you. Your sentence is death penalty. We have evidence, we are aware of everything,'” said Negin, whose name CNN changed at her request, for her safety. Negin, who says she has been accused by Iranian authorities of running an anti-regime activist group on Telegram (an allegation she denies), said she has “some friends” who were political prisoners. “They put in front of me transcribed printouts of my phone conversations with those friends,” she said, and “questioned me on what my relationship with tho
Read more