Home » Asian currencies were essentially unchanged

Asian currencies were essentially unchanged

by Carl Steward
0 comment

Asian Shares Stood Firm Waiting For Fed Policy - Finance BrokerageAsian currencies were essentially unchanged

Most Asian currencies were essentially unchanged on Tuesday as the Shanghai lockdown and inverting yield curves in the United States kept a lid on global economic growth prospects, albeit with some relief from a drop in oil prices.

Shanghai, China’s financial hub, tightened some COVID-19 restrictions as it entered the second stage of a nine-day lockdown as authorities conducted COVID-19 tests following a recent spike in infection rates.

Most emerging Asian currencies moved up or down by less than 0.1 percent. The continued selling in bond markets caused the US Treasury yield curve to briefly invert overnight for the first time in about 16 years, stoking fears of a global recession in the world’s largest economy.

Singapore bond yields (SG10YT=RR) fell by 25 basis points but remained at a three-year high of 2.406 percent. Indonesian bond yields (ID10YT=RR) increased by 49 basis points to 6.764 percent.

Singapore, Malaysia (MY10YT=RR), and the Philippines (PH10YT=RR) yield all rose sharply on Monday, joining the global selloff in government bonds.

The Shanghai lockdown has pushed down oil prices, easing the burden on the region’s major oil importers such as India and Thailand, whose regional units gained 0.2 percent and 0.1 percent, respectively.

Tomorrow, Thailand’s central bank will also meet to decide interest rates. The Bank of Thailand expects to keep interest rates at 0.50 percent until the second quarter of 2023.

Regional equities were mixed, with Malaysian equities (BURSA) falling 1.1 percent to lead the region’s decline. Philippine (.PSI) and Indonesian (COMPOSITE) stocks were also down about 0.5 percent and 0.1 percent.

The late-session dip buying on Wall Street overnight, as well as the drop in oil prices, may serve as catalysts for some positive performance in Asia today.

Thailand’s (SET) and India’s (NIFTY) stocks rose 0.4 percent and 0.5 percent. Japan’s yen increases 0.6 percent, reversing some of Monday’s steep losses.

The post Asian currencies were essentially unchanged appeared first on forexinsider24.com.

You may also like

Our Company

Your daily magazine about forex, stocks, economics and more!


Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

forexinsider24.com © 2022 – All Right Reserved.