Asian monies mixed late, rupiah ends lower<\/p>\n
Dow Jones, Singapore<\/p>\n
Asian currencies were mixed against the dollar Wednesday, with
\nthe U.S. currency holding up fairly well despite expectations for
\nmore economic data showing weakness in the U.S. economy.<\/p>\n
The Singapore dollar and Korean won gained against the U.S.
\ncurrency, while local factors pushed the Indonesian rupiah, Thai
\nbaht and Philippine peso lower during Asian trading hours. The
\nNew Taiwan dollar was virtually unchanged.<\/p>\n
The outlook for the U.S. economy grew even dimmer after the
\nConference Board reported Tuesday that consumer confidence
\ntumbled to its lowest level in seven years.<\/p>\n
The Singapore dollar benefited from the unwinding of long U.S.
\ndollar positions ahead of the expected weak U.S. data.<\/p>\n
Late in Asia the U.S. dollar was quoted at S$1.8184, down from
\n$1.8234 late Tuesday.<\/p>\n
The won got a boost from dollar sales by domestic exporters
\nand a slight gain in the local stock market, traders said.<\/p>\n
The dollar finished at 1,296.10 won, down from Tuesday's close
\nof 1,298.30 won.<\/p>\n
The rupiah slumped to its lowest level since July 23 as
\ncorporate demand for dollars swamped the local currency.<\/p>\n
The rupiah also suffered from fears that a default by
\nArgentina would cast a cloud over other emerging markets.<\/p>\n
The dollar strengthened throughout the day and finished Asian
\ntrading hours at Rp 10,485, up from Rp 10,380 late Tuesday.<\/p>\n
The baht was slightly weaker following the release of data
\nshowing declines in Thailand's production and exports.<\/p>\n
Toward the end of Asian trading the dollar was quoted at
\n44.685 bath, up from 44.665 bath late Tuesday.<\/p>\n
The Philippine peso was pressured by light month-end corporate
\ndemand for the U.S. currency, traders said.<\/p>\n
The dollar closed at 51.955 pesos on the Philippine Dealing
\nSystem, up from 51.940 pesos at the previous close.<\/p>\n
Manila's financial markets will be closed Thursday and Friday
\nfor a religious holiday.<\/p>",
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"sponsor_url": "https:\/\/okusiassociates.com"
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