Forex – Emerging Asian Currencies Continue To Fall

Forex – Emerging Asian Currencies Continue To Fall

Asian currencies – from India to Philippines – were under pressure Tuesday morning

Asian currencies – from India to Philippines – were under pressure Tuesday morning

Investing.com – Asian currencies – from India to Philippines – were under pressure Tuesday morning even as the dollar moved slightly up.

The , which tracks the greenback against a basket of currencies, was up 0.03% to 95.13 at 11:30PM ET (GMT 03:30). The dollar lost some ground overnight against the euro and the pound sterling after hopes improved for a Brexit deal over the next few weeks.

The Japanese yen gave up some ground against the dollar, with up 0.29% to 111.44. Although U.S. President Donald Trump’s latest plan of adding tariff on a further $267 billion Chinese goods has not gotten an elaborated response from Beijing, the fear of the trade war still looms, and investors may go back to the safe haven currency yen.

The Indian rupee continued fall in Asia, tapping new lows against the dollar even as the greenback climbed. The rupee has lost about 12% this year. The was down 0.14% to 72.485 having narrowed some losses.

The Philippine peso has also been losing ground against the dollar and is down more than 6% over the last year. The pair was trading down 0.03% to 53.891 on Tuesday morning. Franklin Templeton Investments expects the peso to fall past the 55 mark to the dollar hurt by increases in the price of oil and a central bank that has been reluctant to take significant action. The peso hit its weakest point in 13 years on Friday.

The Indonesia rupiah which has lost almost 13% against the dollar over the last year, was marginally up with the pair up 0.01% to 14,846.

The Chinese yuan was up. The pair was up 0.15% to 6.8650. The People’s Bank of China and other agencies have been taking steps to support the currency. In August, the China Foreign Exchange Trade System (CFETS) reintroduced a counter-cyclical factor in setting the value of the yuan after a 5% plunge in the currency over a two month period.

The PBOC set the base rate of the yuan on Tuesday at 6.8488 against the dollar on Tuesday compared to 6.8389 on Monday. The reference rate is the mid-point around which the yuan is allowed to trade.

Elsewhere, the Australian dollar gained ground. The was up 0.07% to 0.712.

Disclaimer:
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published.