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Economy
In reply to the discussion: STOCK MARKET WATCH -- Friday, 27 December 2013 [View all]xchrom
(108,903 posts)20. Asian Currencies Decline This Week as Fed Taper Spurs Outflows
http://www.bloomberg.com/news/2013-12-27/asian-currencies-decline-this-week-as-fed-taper-spurs-outflows.html
Most Asian currencies fell this week as signs of an improving U.S. economy bolstered demand for the dollar amid tapering from the Federal Reserve thats spurring outflows from emerging markets.
Global funds pulled $3.2 billion from South Korean, Thai, Philippine and Indonesian stocks so far in December as the Fed prepares to pare stimulus in January, exchange data show. The Thai baht led losses this week as the two-month-long political protests escalated, raising concerns about economic growth and tourism. Trading was muted due to closures in many markets for the Christmas holidays, according to Malayan Banking Bhd.
Most Asian currencies weakened because of the broad dollar strength, said Saktiandi Supaat, head of foreign-exchange research at Malayan Banking in Singapore. The positive U.S. data also supports the case for further Fed tapering.
The baht depreciated 0.8 percent from Dec. 20 to 32.859 per dollar in Bangkok, having touched 32.873, the weakest level since June 2010, according to data compiled by Bloomberg. Indonesias rupiah fell 0.5 percent to a five-year low of 12,281.
Most Asian currencies fell this week as signs of an improving U.S. economy bolstered demand for the dollar amid tapering from the Federal Reserve thats spurring outflows from emerging markets.
Global funds pulled $3.2 billion from South Korean, Thai, Philippine and Indonesian stocks so far in December as the Fed prepares to pare stimulus in January, exchange data show. The Thai baht led losses this week as the two-month-long political protests escalated, raising concerns about economic growth and tourism. Trading was muted due to closures in many markets for the Christmas holidays, according to Malayan Banking Bhd.
Most Asian currencies weakened because of the broad dollar strength, said Saktiandi Supaat, head of foreign-exchange research at Malayan Banking in Singapore. The positive U.S. data also supports the case for further Fed tapering.
The baht depreciated 0.8 percent from Dec. 20 to 32.859 per dollar in Bangkok, having touched 32.873, the weakest level since June 2010, according to data compiled by Bloomberg. Indonesias rupiah fell 0.5 percent to a five-year low of 12,281.
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