Regional currencies hold steady<\/p>\n
SINGAPORE (Dow Jones): Southeast Asian currencies scarcely
\nbudged during Asian trading hours on Friday, and most analysts
\nand traders expect little to change over the coming week,
\npredicting that regional markets will remain largely static.<\/p>\n
Although a brief flurry of pre-weekend position-covering
\npushed the Singapore dollar marginally lower in afternoon
\ntrading, transaction volumes were derisory, according to dealers.<\/p>\n
In other Southeast Asian markets the Thai baht, and the
\nPhilippine peso also eased back slightly as market players booked
\ntheir profits by closing out long positions in the local
\ncurrencies.<\/p>\n
Most observers dismissed the falls as insignificant, however,
\nforecasting that regional currencies will remain relatively
\nstrong against the U.S. dollar in the near term.<\/p>\n
Ever the exception to the prevailing regional trend, the
\nIndonesian rupiah confounded the market's expectations by ending
\nthe Asian day a touch higher against the U.S. dollar. But whereas
\nfew market participants can muster much optimism for the rupiah,
\nmost are qualified bulls towards Southeast Asia's other
\ncurrencies.<\/p>\n
Although most analysts are cautiously positive on regional
\ncurrencies on a short- to medium-term view, many say that the
\nmarkets' current stability is likely to prove a temporary
\nphenomenon, warning that the long-term outlook for Asia's
\ncurrencies is still bearish.<\/p>\n
Most resilient of the Southeast Asian currencies to any
\nrenewed sell-off will be the Thai baht, say analysts, applauding
\nthe Bangkok government's progress towards economic and financial
\nrestructuring.<\/p>\n
Late in Asian dealing on Friday, the U.S. currency was trading
\nat 36.51 baht, up a fraction from 36.40 baht towards the end of
\ntrading on Thursday.<\/p>\n
The Singapore dollar also fell back a touch on Friday, as
\nmarket rumors that the Monetary Authority of Singapore was buying
\nU.S. dollars spooked traders into hastily covering their short
\npositions in the U.S. currency.<\/p>\n
Late in Asian trading the U.S. dollar was being quoted at
\nS$1.6286, up slightly from S$1.6239 at the same time the previous
\nday.<\/p>\n
Position-covering also dragged the Philippine peso lower on
\nFriday.<\/p>\n
At the close of trading on the Philippine Dealing System, the
\nU.S. dollar was quoted at 39.96 pesos, up from 39.77 pesos at the
\nprevious day's close although off Friday's intraday high of 40.19
\npesos.<\/p>\n
Late in Asia on Friday, the U.S. currency was quoted at Rp
\n8,374, down from Rp 8,762 late the day before.<\/p>\n
While most Southeast Asian currencies slipped on Friday, North
\nAsian currencies rose, with both the new Taiwan dollar and the
\nSouth Korean won boosted by flows of foreign funds into the local
\nequity markets, and, in the case of the Taiwanese currency,
\ncentral bank intervention.<\/p>\n
At the close of trading in Taipei, the U.S. dollar was quoted
\nat NT$32.507, down from NT$32.566 at the end of trading on
\nThursday.<\/p>\n
In Seoul, the U.S. currency closed at 1,312 won, down from
\n1,316 won the previous day.<\/p>\n
In Tokyo, the dollar rose against the yen on Friday after U.S.
\nFederal Reserve chairman Alan Greenspan hinted that financial
\nmarkets were beginning to stabilize, dealers said.<\/p>\n
In late trading, the dollar was trading at 117.99-118.02 yen,
\nup from 117.87-88 yen six hours earlier in Tokyo and 117.75 yen
\nin New York late Thursday.<\/p>\n
The dollar traded at 1.6620-23 marks, compared with 1.6572<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/regional-currencies-hold-steady-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }