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Markets

Asian FX subdued amid weaker dollar, Taiwan trade data awaited

  • The Singapore dollar, Malaysian ringgit and Thai baht traded flat to slightly higher, while the South Korean won dipped 0.1%
07 Sep, 2021

Asia's emerging currencies traded flat to marginally higher against a weaker dollar on Tuesday, as the possibility of a delay in monetary policy tapering in the United States put pressure on the greenback.

The Singapore dollar, Malaysian ringgit and Thai baht traded flat to slightly higher, while the South Korean won dipped 0.1%.

"More consolidative moves are appearing among EM Asia FX in recent days, as earlier positives run out of steam," analysts at Maybank said in a note.

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Taiwan's inflation and trade data for August is expected later in the day. A survey conducted by Reuters showed that the island's exports likely rose for a 14th straight month in August, boosted by strong demand for electronics goods.

Separately, the island's consumer price index is expected to rise 1.9% from a year earlier, compared with an increase of 1.95% in July.

The Taiwan dollar, which is among the best performing currencies in the region this year, added 0.2%, while the Indonesian rupiah added 0.3%.

A senior cabinet minister in Indonesia said COVID-19 restrictions will be eased in more cities on Java, its most populous island, as infections subside.

The dollar hovered near recent lows, after weaker-than-expected jobs data released on Friday raised chances of the Fed delaying a tapering of its monetary stimulus.

Customs data in China showed exports grew faster than expected in August, as solid global demand offset some of the pressure on the world's second-biggest economy from a resurgence of domestic COVID-19 cases and supply bottlenecks.

Chinese equities gained 0.8%, while the yuan edged 0.1% higher.

Stocks in South Korea fell 0.6%, dragged down by a tech sell-off, while India and Thailand gained 0.1% and 0.4%, respectively.

Government data in Philippines showed that the country's annual inflation in August accelerated to 4.9%, the highest since December 2018, driven up by gains in the heavily weighted food and non-alcoholic beverages index.

Philippine stocks were up 0.6%, hitting their highest since mid-July. The peso traded relatively flat.

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