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AFP NewsGlobal stocks surge on US debt breakthrough
World stocks rallied Friday after senators voted to suspend the US debt ceiling in an 11th-hour deal, eliminating the threat of a potentially catastrophic default."The Senate swiftly approved the new debt ceiling deal in the US prompting relief in the markets," said AJ Bell investment director Russ Mould.
ReutersIndian rupee posts biggest single-day gain in two months on strong growth data
The Indian rupee saw its best single-day gain in two months on Thursday, and also rose to a two-week high during the session, following strong domestic growth data, which prompted traders to square off long dollar positions. Consistent flows into equities coupled with strong economic data is supporting the rupee, said Dilip Parmar, a research analyst at HDFC Securities. India's economic growth accelerated to 6.1% in the March quarter, higher than what economists had expected, confirming that the country remains one of the fastest growing emerging economies.
AFP NewsGlobal stocks fall after weak China data ahead of key US debt vote
Global stocks fell Wednesday as Chinese and European economic data raised worries about slowing growth, while markets awaited a key congressional vote to lift the US debt limit.Investors are hopeful that the United States can avert a debt default following the passage of a compromise package late Tuesday in a key House committee, a development expected to foreshadow full House approval on Wednesday evening.
ReutersRupee shrugs off dollar's strength thanks to key support
The Indian rupee on Wednesday was unmoved by the U.S. dollar's Chinese yuan-fuelled strength, helped by the possible dollar inflows and an important support level. The rupee was at 82.64 against the U.S. dollar by 10:52 a.m. IST, compared to 82.71 on Tuesday. This is despite a further decline in the yuan, which pushed other Asian currencies lower and boosted the dollar against its major peers.
AFP NewsAsian, European markets mixed after US debt deal
Asian and European stock markets wobbled Monday as a weekend deal to raise the US debt ceiling faces a crucial vote in Congress this week, with hardliners opposing it.But ultra-conservative Republicans feel McCarthy should have secured far deeper spending cuts in exchange for raising the debt ceiling and allowing the government to keep borrowing money.
ReutersDollar nudges lower as U.S. debt ceiling deal dents safe-haven appeal
The dollar nudged down on Monday, pulling back from six-month peaks against the yen as a U.S. debt ceiling deal lifted risk appetite in world markets and dented the greenback's safe-haven appeal. U.S. President Joe Biden on Sunday finalised a budget agreement with House Speaker Kevin McCarthy to suspend the $31.4 trillion debt ceiling until Jan. 1, 2025, and said the deal was ready to move to Congress for a vote. The dollar index, which measures the U.S. unit's value against a basket of other major currencies, was also a touch softer around 104.23 but not far from last week's two-month peaks.
ReutersRupee drops, but broadly holds up to dollar's surge
The Indian rupee inched lower on Thursday on risk aversion fuelled by the U.S. debt ceiling worries, but fared better than its Asian peers and continued to hold above a key level. The rupee was last at 82.7425 to the U.S. dollar, down less than 0.1% from the previous session. The rupee has managed to hold above the 82.85-82.95 level over the last three sessions, an important resistance level for the USD/INR pair, according to traders.
- Reuters SG
EMERGING MARKETS-Asian FX trades in tight range, Singapore dollar up on inflation data
* Singapore April core inflation beats forecast * Thai baht hits lowest level since March 15 * South Korean won appreciates 0.5% By Jaskiran Singh May 23 (Reuters) - Singapore's dollar inched higher on Tuesday after a key consumer price gauge rose more than expected last month, while most other Asian currencies traded in a tight range as expectations that U.S. rates will remain elevated for longer boosted the dollar. The Singapore dollar appreciated 0.2% after data showed core inflation, which excludes private road transport and accommodation costs, rose 5% year-on-year in April, while a Reuters poll of economists had forecast a 4.7% increase. Lower inflation for electricity, gas, food, retail and other goods was offset by higher inflation for travel-related services, the Monetary Authority of Singapore (MAS) and the trade ministry said in a joint statement.
- Reuters SG
EMERGING MARKETS-Asian currencies tepid as Fed's rate-hike talk boosts dollar
* Thai baht hits lowest level since March 15 * Singapore April headline CPI to stay sticky at 5.5% - DBS * Bank Indonesia forecasted to keep rates unchanged until end-2023 - poll By Jaskiran Singh May 23 (Reuters) - Asian currencies were little changed on Tuesday, with the dollar getting a boost from rising expectations that U.S. interest rates will remain elevated for longer, while traders awaited the outcome of U.S. debt ceiling talks. The Indonesian rupiah, Philippines peso, and Singapore dollar were little changed. The South Korean won appreciated 0.4% and its local benchmark rose, buoyed by optimism for a deal on the U.S. debt ceiling negotiations.
ReutersIndia central bank bought net $750 million in spot forex market in March – bulletin
The Reserve Bank of India (RBI) bought $750 million on a net basis in the spot foreign exchange market in March, data released on Monday as part of the central bank's monthly bulletin showed. In February, the central bank had bought $254 million on a net basis in the spot market. The central bank intervenes in the spot and forwards market to curb exchange rate volatility.
ReutersWall Street closes down, dollar dips as debt ceiling talks stall
U.S. stocks ended lower and the dollar lost ground on Friday as negotiations to raise the U.S. debt ceiling were put on hold, jarring market participants as they headed into the weekend and the United States moved closer to the deadline to avoid default. While all three major U.S. stock indexes ended the session modestly in the red, they all notched gains for the week, which was marked by solid economic data and the tail end of a better-than-expected earnings season. Initial reports that debt ceiling negotiations had reached an impasse rattled markets even as investors were scrutinizing Federal Reserve Chairman Jerome Powell's remarks in a panel discussion for clues regarding next month's interest rate decision.
ReutersRupee falls to near 2-month low on dollar strength, falling yuan
The Indian rupee fell against the dollar to its lowest level in nearly two months on Thursday, tracking a slump in the Chinese yuan, while hopes of an imminent U.S. debt ceiling deal pushed up treasury yields and the greenback. The rupee closed down 0.26% at 82.60 against the U.S. dollar, compared to its previous close of 82.38. "The dollar index is looking positive amid progress on the debt ceiling talks," said Jigar Trivedi, senior analyst at Reliance Securities.
- Reuters SG
EMERGING MARKETS-Most Asian shares rise; FX struggle for direction on yuan weakness
(.) * Investors await more details on US debt ceiling talks * Weakness in yuan weighs on sentiment * Philippines c.bank holds rates By Archishma Iyer May 18 (Reuters) - Most Asian shares were on the front foot on Thursday, while their currencies were mixed, as investors awaited more details on the progression of the debt ceiling talks in Washington, even as disappointing Chinese data weighed on sentiment. On Wednesday, U.S President Joe Biden and top U.S. congressional Republican Kevin McCarthy underscored their determination to reach an agreement soon, pledging to negotiate directly on a deal amid estimates that the Treasury could run out of money by the start of June. "Regarding the debt ceiling, there seems enough of an incentive from both sides to get a deal done, and I think that's why investors aren't getting too worried about it, especially given that the situation has been to the wire before," Josh Gilbert, a market analyst with e-Toro said.
ReutersIndian cenbank likely sold dollars to limit rupee's decline –traders
The Reserve Bank of India likely sold dollars via public sector banks after the rupee weakened past 82.50 to the U.S. dollar on Thursday, its lowest in almost two months, three traders told Reuters. The rupee was at 82.4675 to the dollar, having fallen to 82.5575 earlier on worries over cash dollar shortage. "It looks like RBI for decided to step in, which is not a big surprise," a trader at a private sector bank said.
- Reuters SG
EMERGING MARKETS-Most Asian currencies rise as U.S. debt ceiling fears abate
* South Korean won leads gains among Asian FX * Philippines peso rises ahead of c.bank decision * Chinese yuan weakens further By Archishma Iyer May 18 (Reuters) - The South Korean won led gains among Asian currencies on Thursday, as global risk sentiment improved on optismism that a deal would be reached in Washington to raise the debt ceiling and avoid a U.S. default that would lead to a recession. On Wednesday, the U.S President Joe Biden and top U.S. congressional Republican Kevin McCarthy underscored their determination to reach an agreement soon, pledging to negotiate directly on a deal amid estimates that the Treasury could run out of money by the start of June. "Asian markets could trade with a firmer tone on Thursday amid growing market optimism for a U.S. debt ceiling deal," analysts from OCBC wrote in a research note.
AFP NewsStocks skittish on mixed European data, debt standoff
Global stocks moved indecisively Monday following mixed European economic data as the ongoing standoff in talks on averting a first-ever US default kept equities from gaining traction.Asian stock markets kicked the week off with gains amid "growing hopes that the Democrats and Republicans will reach a deal to avert the disastrous scenario of a government default" in the world's biggest economy, said Victoria Scholar, head of investment at Interactive Investor.
AFP NewsMarkets mostly up as focus turns to US debt talks
Asian and European markets mostly rose Monday as investors kept an eye on the talks to raise the US debt limit to avert a "catastrophic" default.Deputy Treasury Secretary Wally Adeyemo told CNN on Sunday: "If Congress failed to raise the debt limit by the time of default, we would go into a recession and it'd be catastrophic.
- Reuters SG
EMERGING MARKETS-Election results lift Thai markets, weigh on Turkish lira
Thailand's currency and stock markets got a hesitant boost on Monday after elections handed pro-democracy parties a spectacular win, while Turkey seemed destined for protracted uncertainty after polls there appeared set for a runoff. The Thai baht was poised for its biggest rally in more than five weeks after Sunday's election placed the liberal Move Forward party and the populist Pheu Thai Party far out in front with most votes counted, but it was not certain either will form the next government. Opposition parties will need to strike deals and muster support from multiple camps in order to rule, including members of a junta-appointed Senate that has sided with military parties and gets to vote on who becomes prime minister and form the next administration.
The Edge SingaporeRevolut launches seven new currency accounts for Singapore customers
The new currency accounts offered include Indian rupee, Philippine peso and South Korean won.
ValueChampion9 Things You Must Know About Foreign Exchange Rates And International Remittance
Understanding foreign exchange rates and international remittance is crucial for anyone who deals with international transactions. With the...
ReutersIndian rupee ends higher as dollar weakens ahead of Fed outcome
The falling dollar index, fall in bond yields, and strong Asian currencies gave momentum to the Indian rupee, said Dilip Parmar, research analyst at HDFC Securities. "Still, the (Fed) event risks are there for the rupee," Parmar said, adding that an extended fall in oil prices also aided the Indian currency's move. The focus is now on the Fed's policy decision.
ReutersRupee little changed, notches gains for week on dollar inflows
The Indian rupee was little changed against the dollar on Friday amid muted Asian peers, adding to its weekly gains, as corporate inflows propped up the currency over the period. Asian currencies were trading mixed on Friday, while the dollar index jumped 0.5%. One of Federal Reserve's favourite inflation gauge also rose more than economists projected.
MediaOutReachMalaysia and China are discussing Asian Monetary Fund to move away from the U.S. dollar: an OctaFX analysis
KUALA LUMPUR, MALAYSIA - Media OutReach - 28 April 2023 - The Malaysian prime minister's proposal to create an Asian Monetary Fund can be seen as a natural development following China's shift away from the U.S. dollar. The OctaFX experts give their assessment of what the consequences will be for the Malaysian economy and MYR. The U.S. dollar plays a vital role in the U.S. economy, owing to the fact that it accounts for more than 80% of international trade finance. The U.S. dollar also constitute
ReutersRupee scales seven-week peak on dollar weakness, eyes more gains
The Indian rupee strengthened against the U.S. currency to a seven-week high on Wednesday, tracking Asian peers as the dollar index gave up gains and local equities remained resilient. It's possible that the Reserve Bank of India's absence allowed a further move in the rupee, traders added. "The rupee is expected to gain further as it has broken 81.80," said Anil Bhansali, head of treasury at Finrex Treasury Advisors, as the currency had found strong resistance near that level recently.
- Reuters SG
EMERGING MARKETS-Asian currencies face weekly losses as Fed rate-hike bets weigh
* S.Korean won set for biggest weekly drop since mid-Feb * Shares in S.Korea, Singapore and Taiwan fall * Markets in Indonesia and Malaysia closed By Harish Sridharan April 21 (Reuters) - Asian currencies dipped in holiday-thinned trade on Friday, and were on course for weekly losses, as the increased probability of an interest rate hike by the U.S. Federal Reserve at its next meeting continued to weigh on sentiment. The South Korean won, Asia's worst performing currency so far this year, has declined 2.2% this week, heading for its biggest weekly drop since mid-February. Thailand's baht and Singapore's dollar also dipped on Friday and were poised for weekly losses.