SE Asian currencies drift sideways<\/p>\n
SINGAPORE (Dow Jones): Trading interest in regional foreign-
\nexchange markets evaporated Wednesday, leaving Southeast Asian
\ncurrencies free to drift sideways against the U.S. dollar for
\nmost of the day.<\/p>\n
North Asian markets also saw little price action, as most
\nparticipants sat on their hands, awaiting fresh news.<\/p>\n
\"People are still very defensive as far as taking positions
\ngoes,\" complained a trader at a U.S. bank in Singapore.<\/p>\n
Volatility earlier in the week sparked by rumors, vehemently
\ndenied by officials, that China may devalue its currency, flushed
\nmany participants out of their positions in regional currency
\nmarkets.<\/p>\n
Now, nervous of further price swings and reluctant to take new
\nrisks onto their books ahead of next month's Lunar New Year
\nholidays, traders are hanging back from the market.<\/p>\n
Observers warned, however, that market-moving news could still
\nemerge from Malaysia, a country that has dropped off many
\ntraders' radar screens in recent months.<\/p>\n
\"The talk is that there may be a revaluation of the ringgit,\"
\nsaid the regional foreign-exchange and interest-rate strategist
\nat a U.S. investment bank, asking not to be named.<\/p>\n
The strategist, however, is unsure if a revision of the
\nringgit's exchange rate would really have much impact.<\/p>\n
\"Whether any re-marking of the ringgit would see the Singapore
\ndollar at S$1.66 (to the U.S. dollar) is unclear, but I suspect
\nit wouldn't,\" he said.<\/p>\n
Late Wednesday, in the spot foreign-exchange market, the U.S.
\ndollar was quoted at S$1.6855, marginally higher than S$1.6830
\nlate the day before.<\/p>\n
Elsewhere in Southeast Asia, the U.S. dollar was bid up
\nagainst the rupiah, as sentiment toward the Indonesian currency
\nsagged in the face of continuing unrest in provincial cities and
\ndollar-buying from Indonesian companies.<\/p>\n
Late in Asian dealing, the U.S. dollar was quoted at Rp 9,240,
\nup from Rp 9,100 toward the end of Asian trading Tuesday.<\/p>\n
The U.S. currency also firmed slightly against the Thai baht
\nlate in Asian trading, in parallel with a rally against the yen,
\nclimbing to 36.7650 baht, from 36.6800 baht Tuesday.<\/p>\n
The U.S dollar also ended a touch higher on the Philippine
\nDealing System, rising against the peso, to finish at 38.570
\npesos, up from 38.470 at Tuesday's close.<\/p>\n
In North Asian markets, trading was subdued Wednesday, with
\nthe U.S. currency ending nearly flat against both the New Taiwan
\ndollar and the South Korean won.<\/p>\n
Against the Taiwan currency, the U.S. dollar closed at
\nNT$32.291, compared with NT$32.295 the day before.<\/p>\n
Against the won, the U.S. dollar ended local trading at 1,175
\nwon, barely changed from 1,176 won at Tuesday's close.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/se-asian-currencies-drift-sideways-1447893297",
"image": ""
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