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Markets

Asian currencies weaken amid Fed taper talk

  • Taiwan shares slid even as the island's exports rose for a 13th straight month in July and set a new record amid sustained strong demand for tech products to support remote working
Published August 10, 2021
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Asia's emerging currencies traded flat-to-weaker on Tuesday against a strong dollar, as upbeat US jobs data fanned hopes that the Federal Reserve might start tapering its stimulus, and as COVID-19 curbs in various parts of the region hurt sentiment.

The South Korean won shed 0.4% to lead losses, while the Thai baht and Taiwan dollar were flat.

U.S Treasury yields rose overnight and pulled the dollar up after record-high job openings raised prospects of the Fed reducing bond-buying and tapering its massive coronavirus-driven stimulus.

China's yuan weakens as central bank notches eighth straight softer fixing

"Emerging Asian currencies are unlikely to shake off the overnight weakness in Wall Street and Fed taper expectations," Philip Wee, FX Strategist at DBS said in a note.

"The Delta-variant remains the largest factor weighing on growth prospects in Southeast Asia," he added.

Stocks in Jakarta fell 1.3% to hit a nearly three-week low , while the rupiah weakened 0.2%.

Indonesia on Monday extended its COVID-19 curbs on populous Java and Bali islands until Aug. 16, but will ease them in 26 areas, as official data showed infections have plunged in the capital Jakarta but are increasing elsewhere.

In Thailand, the daily coronavirus death toll was a record 235.

China stocks also dipped as COVID-19 cases continued to climb in the country due to the highly transmissible Delta variant.

Philippine equities dropped 0.3% as an 11.8% jump in second-quarter economic growth failed to impress investors.

"The overly depressed base from the same period last year will make the jump in second-quarter look stellar (but) in reality, it is only a modest easing of stringent social restrictions compared to 2020 that boosted growth," analysts at Mizuho said in a note.

Taiwan shares slid even as the island's exports rose for a 13th straight month in July and set a new record amid sustained strong demand for tech products to support remote working.

Markets in Malaysia, were closed due to a public holiday.

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