Asian monies mixed late, economic prospects improve<\/p>\n
Dow Jones, Singapore<\/p>\n
Improving economic prospects for many Asian countries
\nas well as a sharp jump in the yen helped set a firmer tone for
\nthe region's currencies Monday.<\/p>\n
Continued stock market inflows provided an additional boost
\nfor the Korean won and New Taiwan dollar, traders said.<\/p>\n
The Philippine peso and Indonesian rupiah also gained on the
\nU.S. currency, while the Singapore dollar and Thai baht were
\nlittle changed.<\/p>\n
The U.S. dollar fell more than one yen against during the
\nAsian trading day, ending the session around 133.70 yen, down
\nfrom 134.80 yen late Friday.<\/p>\n
However, the dismal outlook for the Japanese economy is likely
\nto keep the yen under pressure in the medium term, traders added.<\/p>\n
The won finished stronger for a fourth consecutive session as
\nforeign investors sold dollars Monday to settle recent stock
\npurchases.<\/p>\n
The dollar closed Monday at 1,321.3 won, down from Friday's
\nfinish at 1,327.6 won.<\/p>\n
Having been strong sellers of Asian equities for most of
\nJanuary, foreign investors turned strong buyers of shares around
\nthe region toward the end of last week.<\/p>\n
The move reflects better sentiment regarding the U.S. economic
\nrecovery and expectations that Asian economies will outperform
\nonce the global recovery gathers strength, said Mansoor Mohi-
\nuddin, currency strategist at UBS Warburg.<\/p>\n
The Taiwan dollar finished stronger for the third straight
\nsession, although it couldn't match the won's gains.<\/p>\n
The U.S. dollar ended at NT$35.015, down from Friday's close
\nof NT$35.057.<\/p>\n
The Philippine peso tracked the yen higher amid relatively thin
\ncorporate demand for U.S. dollars.<\/p>\n
The dollar closed at its intraday low of 51.240 pesos on the
\nPhilippine Dealing System, down from 51.295 pesos Friday.<\/p>\n
\"The peso continues to benefit from optimism about the
\nprospects for the economy in the new year and a pick-up in
\nforeign investment inflows into the local stock markets,\" said
\nBank of America in a currency strategy report.<\/p>\n
Sentiment toward the Indonesian rupiah was helped by increasing
\nmarket optimism that the government will soon complete the sale
\nof its 51 percent stake in nationalized Bank Central Asia.<\/p>\n
Late in Asia, the dollar was quoted at Rp 10,400, down from Rp
\n10,435 Friday.<\/p>\n
The Indonesian Bank Restructuring Agency is expected to name
\nlater Monday the final bidders for the government's stake in the
\ncountry's largest listed bank.<\/p>\n
The U.K.-based Standard Chartered is expected to be one of the
\nfinal bidders.<\/p>\n
The Singapore dollar was steady after a choppy trading session
\nwhen its movements were largely dictated by the yen, dealers
\nsaid.<\/p>\n
Near the end of Asian trading, the U.S. dollar was quoted at
\nS$1.8362, little changed from S$1.8361 late Friday.<\/p>\n
Against the Thai baht, the dollar was quoted at 44.110 bath,
\ncompared with 44.100 bath late Friday.<\/p>\n
The dollar was kept in a tight trading range against the baht,
\nwith fears of central bank intervention underpinning the U.S.
\ncurrency, and exporter sales and a liquidity squeeze in the
\noffshore swap market capping the dollar's strength, Bank of
\nAmerica said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/asian-monies-mixed-late-economic-prospects-improve-1447893297",
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