Asian currencies mixed on Tuesday<\/p>\n
Dow Jones, Singapore<\/p>\n
Most Asian currencies were little changed in an uninspired
\ntrading session Tuesday as market players waited to see how the
\ndollar and yen will react to key pieces of economic information
\ncoming out of the U.S. and Japan this week.<\/p>\n
The Singapore dollar, New Taiwan dollar and Indonesian rupiah
\nwere also little changed. The South Korean won slipped, while the
\nPhilippine peso strengthened slightly. Markets in Thailand were
\nclosed for a public holiday.<\/p>\n
"Despite attempts on the upside and downside of the range,
\nforeign exchange markets are still caught in ranges, reluctant to
\nbudge as the forces driving Asian currencies stronger and weaker
\nremain finely balanced," BNP Paribas said in a note to clients.<\/p>\n
The dollar\/yen exchange rate, which often sets the tone for
\ntrading in other Asian currencies, was trapped in a relatively
\nnarrow band throughout the session and provided little guidance.<\/p>\n
The market is also focusing on Federal Reserve Board Chairman
\nAlan Greenspan's congressional testimony Wednesday on the state
\nof the U.S. economy.<\/p>\n
Late in Asian trading, the dollar was quoted at 133.83 yen,
\ncompared with 133.80 yen late Monday in New York and 133.86 yen
\nlate Monday in Tokyo.<\/p>\n
Concerns that the Koizumi administration's anti-deflation
\npackage may not produce the desired results, along with the
\nexpiration of dollar\/yen option barriers Wednesday, could trigger
\nrenewed yen weakness that could flow through to other Asian
\ncurrencies, BNP Paribas added.<\/p>\n
On the other side of the Pacific Ocean, analysts said the
\ndollar could benefit from any hints that Greenspan may give on
\nprospects for a U.S. economic recovery.<\/p>\n
The New Taiwan dollar found little room to maneuver between
\nopposing market forces. Month-end U.S. dollar selling by
\nexporters helped the local currency, while net sales of stocks by
\nforeigners hurt it.<\/p>\n
The U.S. dollar closed at NT$35.088, compared with NT$35.090
\nat the previous close.<\/p>\n
The Singapore dollar tracked the yen's narrow trading range.<\/p>\n
Late in Asian trading, the U.S. dollar was quoted at S$1.8313,
\ndown marginally from S$1.8318 late Monday. It traded between
\nS$1.8306 and S$1.8325.<\/p>\n
Against the Indonesian rupiah, the dollar finished Asian
\ntrading unchanged at Rp 10,175.<\/p>\n
Market players are waiting to see who the government will
\nchoose as the winning bidder for a 51 percent stake in PT Bank
\nCentral Asia.<\/p>\n
Debt restructuring talks under the Paris Club of creditors in
\nApril depend on a successful sale of the bank and failure to
\nannounce a winner this week could hurt the rupiah, analysts said.<\/p>\n
Late Tuesday, Indonesia's Bank Restructuring Agency said it
\nwould need at least two weeks to choose a winner for a
\ncontrolling stake in Bank Central Asia, signaling yet another
\ndelay in the long-awaited sale.<\/p>\n
The peso was supported by a decline in corporate demand for
\ndollars and expected investment inflows, traders said.<\/p>\n
The dollar closed at 51.315 peso on the Philippine Dealing
\nSystem from Friday's 51.368 peso.<\/p>\n
Manila's financial markets were closed Monday for a national
\nholiday.<\/p>\n
The South Korean won weakened as foreigners bought dollars to
\nsettle their recent stock sales.<\/p>\n
The dollar finished at a four-week high of 1,325.4 won, up
\nfrom Monday's close of 1,323.90 won.<\/p>\n
The steady yen helped keep the dollar hemmed in between
\n1,322.5 won and 1,324.9 won.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/asian-currencies-mixed-on-tuesday-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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