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Emerging markets: Philippines peso slips as inflation eases but Thai baht rises and leads Asian FX

by 198 Philippines News
February 4, 2022
in PHILIPPINES THAILAND NEWS
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MANILA, Feb 4 (Reuters): Most Asian currencies strengthened on Friday in opposition to a broadly weaker US greenback, with the Thai baht outperforming its friends on the finish of every week through which commerce was largely subdued by the Lunar New Yr vacation.

The Philippine peso was an outlier, weakening 0.1% after knowledge confirmed inflation eased in January from the earlier month, prompting the nation’s central financial institution to say it can stay affected person on coverage levers.

“PHP probably reacting to dovish statements from Bangko Sentral ng Pilipinas (BSP) Governor, Benjamin Diokno, after the inflation report,” Nicholas Mapa, senior economist at ING stated.

Nevertheless, its benchmark index rose 1%, outperforming most of its friends.

In any other case, the baht led the best way, firming 0.6% in opposition to a U.S. greenback whose index in opposition to different main currencies has dropped 2% this week – its greatest weekly fall since March 2020.

“The foremost issue for power in THB recently is the falling USD which continues to maneuver decrease as a result of considerably stunning hawkish tone from the ECB final evening,” Poon Panichpibool, markets strategist at Krung Thai Financial institution stated.

“The market appears to have reversed again to risk-on mode,” Panichpibool added.

The nation’s headline shopper value index jumped to a nine-month excessive however its commerce ministry stated inflation was not alarming and wouldn’t require authorities motion but.

Sentiment was additionally lifted by the Thai authorities’s transfer earlier this week to ask again fully-vaccinated vacationers, in its newest try and revive the pandemic-ravaged tourism sector, a key driver of the nation’s financial system.

The South Korean gained rose 0.8% after the nation’s inflation got here in at a decade excessive, boosting the case for extra rate of interest hikes this 12 months.

South Korean shares rose 1.6%, logging their greatest weekly acquire in virtually a 12 months, monitoring power in US fairness futures.

Different main Asian currencies made marginal good points, with the Singapore greenback and Malaysian ringgit firming 0.1% every. – Reuters



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