Advertisement
Singapore markets closed
  • Straits Times Index

    3,287.75
    -5.38 (-0.16%)
     
  • S&P 500

    5,071.63
    +1.08 (+0.02%)
     
  • Dow

    38,460.92
    -42.77 (-0.11%)
     
  • Nasdaq

    15,712.75
    +16.11 (+0.10%)
     
  • Bitcoin USD

    64,099.46
    -2,563.42 (-3.85%)
     
  • CMC Crypto 200

    1,358.09
    -24.48 (-1.77%)
     
  • FTSE 100

    8,096.22
    +55.84 (+0.69%)
     
  • Gold

    2,341.20
    +2.80 (+0.12%)
     
  • Crude Oil

    83.10
    +0.29 (+0.35%)
     
  • 10-Yr Bond

    4.6520
    +0.0540 (+1.17%)
     
  • Nikkei

    37,628.48
    -831.60 (-2.16%)
     
  • Hang Seng

    17,284.54
    +83.27 (+0.48%)
     
  • FTSE Bursa Malaysia

    1,569.25
    -2.23 (-0.14%)
     
  • Jakarta Composite Index

    7,155.29
    -19.24 (-0.27%)
     
  • PSE Index

    6,574.88
    +2.13 (+0.03%)
     

EMERGING MARKETS-Chinese yuan, Indonesian rupiah jump as dollar weakness boosts Asian FX

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3f2vwbA * Chinese yuan hits highest since June 15, 2018 * Taiwan dollar trades just shy of 24-year high * Indonesian rupiah on track for best day since Jan. 4 * India 10-yr bond yields up; calls for nation-wide lockdown grow By Rashmi Ashok May 10 (Reuters) - Most Asian currencies rose against the dollar on Monday, with the Indonesian rupiah and Chinese yuan making significant advances, as weak U.S. jobs data weighed on the greenback on hopes that interest rates would remain low for longer. Data released on Friday showed U.S. job growth in April missed expectations by a wide margin, quelling worries that a pickup in inflation could force the Federal Reserve to raise interest rates earlier than outlined. Higher U.S. rates typically make the dollar an attractive investment over riskier high-yielding assets, denting inflows into Asian markets. China's onshore yuan rose 0.1% to its highest since June 15, 2018 at 6.423 per dollar and recovered all its losses booked this year, fuelling speculation that the central bank may step in to cool its rapid ascent. Data on Friday showed exports beating forecasts in April, building on a raft of prints pointing to a strong economic recovery. Indonesia's rupiah rose 0.8% to 14,160 against the dollar and was on track for its best session since Jan. 4, as recent data indicated an economic recovery was likely. "Tentative signs of recovery in portfolio flows are setting in. Month-to-date inflows into equities and sovereigns are at $71.4 million as of May 7, and $100.6 million as of May 6, respectively," Maybank analysts wrote in a client note. Benchmark 10-year bond yields in Indonesia fell nearly 5 basis points to 6.394% as investor demand rose, with yields at their lowest since Feb. 18. Equities added 0.8%. The Taiwan dollar traded 0.4% higher, slightly shy off the 27.74 per dollar mark it touched earlier in the day that was also its highest since May 20, 1997. The currency took support from data released late on Friday that showed the island's April exports jumped 38.7%, smashing expectations. While dollar weakness helped keep the Indian rupee steady, broader sentiment remained weak, with bond markets showing the pressure. Ten-year bond yields rose to 6.03%, a near one-week high. Calls to impose a nationwide lockdown have been growing amid a rapid rise in coronavirus cases, and several states have already entered lockdowns, which has led economists to cut growth expectations for Asia's third-largest economy. Philippine's peso traded 0.2% lower ahead of first-quarter gross domestic product data, which is expected to show a contraction in the economy when it is released on Tuesday. A Reuters poll showed analysts expect the country's central bank to keep rates at a record low in its Thursday meeting, as a slow vaccination drive and ongoing wave of infections continue to pressure the economy. HIGHLIGHTS: ** In the Philippines, top index gainers are GT Capital Holdings Inc up 5.39% and Robinsons Land Corp up 4.73% ** Indonesian 3-year benchmark yields are down 2.1 basis points at 5.021%​​ ** Top gainers on the Jakarta stock index include Trimitra Prawara Goldland Tbk PT up 34.82% and Martina Berto Tbk PT up 34.55% Asia stock indexes and currencies at 0733 GMT COUNTRY FX RIC FX FX INDE STOCKS STOCK DAILY YTD % X DAILY S YTD % % % Japan -0.40 -5.32 <.N2 0.55 7.56 25> China EC> India +0.16 -0.44 <.NS 0.84 6.91 EI> Indones +0.60 -1.09 <.JK 0.73 -0.13 ia SE> Malaysi +0.05 -2.14 <.KL -0.23 -2.66 a SE> Philipp -0.19 +0.31 <.PS 0.94 -11.5 ines I> 2 S.Korea 11> Singapo -0.12 -0.41 <.ST -0.46 12.01 re I> Taiwan +0.33 +2.40 <.TW -0.29 16.99 II> Thailan +0.13 -3.73 <.SE 0.12 9.49 d TI> (Reporting by Rashmi Ashok in Bengaluru; Editing by Anil D'Silva)