Friday, June 10 2022

Band Savyata Mishra

February 7 (Reuters)Most Asian currencies eased against a strong dollar on Monday as strong job growth data from the United States bolstered expectations of interest rate hikes from the Federal Reserve., while the South Korean won was further weakened by record COVID-19 cases in the country.

The won KRW=KFTC fell the most among its peers, falling 0.3% while its shares .KS11 reduces first losses to drop by 0.2% hurt by worries about surging infections and the risk of faster U.S. rate hikes.

Investors were wary of growing bets on a bigger Federal Reserve interest rate hike after data on Friday showed the United States added more jobs than expected in January.

Meanwhile, Indonesian stocks .JKSE increased by 0.8% while the rupee RDI= fell 0.2% in a muted reaction to the country’s fourth quarter GDP data which was slightly stronger than expected.

But analysts warn Southeast Asia’s biggest economy is struggling to recover following a recent surge in COVID-19 cases that prompted it to temporarily ban foreign tourists from entering the country. country through Jakarta airport.

“The Omicron surge is just one of the few speed bumps the (Indonesian) economy will face in 2022,” Nicholas Mapa, senior economist at ING, said in a note.

“Prospects for recovery this year will likely be challenged by an impending tax hike coupled with projections of a pick-up in inflation, which will likely weigh on household spending.”

Philippine peso PHP= fell 0.3% as the Thai baht THB=TH and malaysian ringgit MYR= both fell 0.1%.

Shares in the region were mixed, with China .SSEC gaining strongly coming out of a week-long Lunar New Year pause to rise around 2%, while Philippine stocks .PSI fell about 1%, after rising almost 3% last week.

Singapore Strait Times Index .STI edged up 0.7% on the back of a 5% jump in the country’s stock exchange operator SGXL.SI stock on upbeat results and an upgrade from Citibank.

However, the Singapore dollar CAD= remained largely stable due to the increase in COVID cases in the country.

STRONG POINTS:

**Indonesian benchmark 10-year yields rise 5.90 basis points to 6.51%​​

** In the Philippines, the main gainers of the index are Security Bank Corp. SECB.PS up 2.7%, Bank of the Philippine Islands BPI.PS up 2%, Converge Information & Communications Technology Solutions Inc. CNVRG.PS up 1.96%

** Top winner on the Singapore STI .STI is Singapore Exchange Ltd SGXL.SI up 5.1%

HERE IS THE TABLE (green cells) TO INCLUDE IN THE REPORT

Asian stock indices and currencies at 07:50 GMT

COUNTRY

FXRIC

DAILY FX %

FX YTD%

INDEX

DAILY STOCKS %

INVENTORY YTD %

Japan

JPY=

-0.03

-0.14

.N225

-0.7

-5.4

China

CNY=CFXS

+0.05

-0.05

.SSEC

2.03

-5.77

India

RNI=IN

+0.00

-0.49

.NSEI

-1.44

-0.51

Indonesia

RDI=

-0.08

-0.97

.JKSE

0.91

3.21

Malaysia

MYR=

-0.12

-0.45

.KLSE

0.55

-2.32

Philippines

PHP=

-0.21

-0.62

.PSI

-1.02

3.62

South Korea

KRW=KFTC

-0.31

-0.99

.KS11

-0.19

-7.81

Singapore

CAD=

+0.04

+0.28

.STI

0.74

7.44

Taiwan

TWD=TP

-0.04

-0.53

.TWII

1.28

-1.75

Thailand

THB=TH

-0.15

+1.18

.SETI

0.03

1.03

Graphic: world exchange rates https://tmsnrt.rs/2RBWI5E

Asian scholarshipshttps://tmsnrt.rs/2zpUAr4

(Reporting by Savyata Mishra and Indranil Sarkar in Bengaluru)

(([email protected];))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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