Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

EM Asia forex: Most flat after Trump sparks off fresh trade war concerns

share with twitter share with LinkedIn share with facebook
share via e-mail
0
12/03/2019 | 01:56am EST
FILE PHOTO: Euro, Hong Kong dollar, U.S. dollar, Japanese yen, pound and Chinese 100 yuan banknotes are seen in this picture illustration

Most Asian currencies were unchanged on Tuesday, as gains against a weaker dollar were offset by concerns about the United States sparking off a trade war with Brazil and Argentina, amid an ongoing dispute with China.

U.S. President Donald Trump on Monday said he would impose tariffs on steel and aluminium imports from Brazil and Argentina, taking the trade war to new pastures even as the United States looks to sign a trade deal with China.

China's yuan <CNY=CFXS> weakened slightly from its previous close of 7.0409 despite a subdued dollar hurt by unexpected decline in U.S. construction spending.

"The weaker DXY has not translated into broad gains for Asian currencies, considering the risk-off tone in the markets triggered by President Trump's latest tariff tantrum," Han Tan, market analyst at FXTM said in a note.

Investors remain focussed on U.S.-China trade talks and "are expected to hold back from making large moves in the interim, unless signaled otherwise, amid hopes that a limited trade deal remains a likely outcome," the FXTM note added.

Less than two weeks remain before President Trump has to decide whether to impose an additional 15% tariff on about $156 billion worth of Chinese products.

Washington's latest tariff announcement against Brazil and Argentina has dampened prospects for the so-called "phase one" trade deal with Beijing, which is already on tenterhooks thanks to U.S. legislation backing protesters in Hong Kong.

The South Korean won <KRW=KFTC> was set to be the worst regional performer for the day and declined 0.3%.

Tuesday marks the sixth consecutive session of falls for the won, which is especially sensitive to trade headlines due to South Korea's dependence on electronic exports.

Singapore manufacturing data, which is expected later in the day, dotted an otherwise light data calendar for the region. The Singapore dollar traded 0.1% higher.

The Malaysian ringgit strengthened 0.2% ahead of trade data expected on Dec. 4. The country's exports likely fell for a third straight month in October, a Reuters poll showed, but trade surplus is expected to expand.

The following table shows rates for Asian currencies against the dollar at 0602 GMT.

CURRENCIES VS U.S. DOLLAR

Change on the day at 0602 GMT

Currency Latest bid Previous day Pct Move

Japan yen 109.170 108.98 -0.17

Sing dlr 1.365 1.3657 +0.08

Taiwan dlr 30.495 30.509 +0.05

Korean won 1186.800 1183.1 -0.31

Baht 30.270 30.27 +0.00

Peso 51.050 51.04 -0.02

Rupiah 14120.000 14120 +0.00

Rupee 71.600 71.65 +0.07

Ringgit 4.172 4.178 +0.16

Yuan 7.043 7.0409 -0.02

Change so far in 2019

Currency Latest bid End 2018 Pct Move

Japan yen 109.170 109.56 +0.36

Sing dlr 1.365 1.3627 -0.14

Taiwan dlr 30.495 30.733 +0.78

Korean won 1186.800 1115.70 -5.99

Baht 30.270 32.55 +7.53

Peso 51.050 52.47 +2.78

Rupiah 14120.000 14375 +1.81

Rupee 71.600 69.77 -2.56

Ringgit 4.172 4.1300 -0.99

Yuan 7.043 6.8730 -2.41

By Devika Syamnath

Stocks mentioned in the article
ChangeLast1st jan.
EURO / ARGENTINE PESO (EUR/ARS) -0.07% 66.252 Delayed Quote.53.56%
EURO / BRAZILIAN REAL (EUR/BRL) 0.01% 4.5977 Delayed Quote.3.27%
HEWLETT PACKARD ENTERPRISE -0.31% 15.84 Delayed Quote.19.91%
LME ALUMINIUM CASH -0.91% 1750 End-of-day quote.-5.81%
SING HOLDINGS LIMITED -1.27% 0.39 End-of-day quote.1.30%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.17% 7.03835 Delayed Quote.2.33%
US DOLLAR / ARGENTINE PESO (USD/ARS) 0.02% 59.739 Delayed Quote.59.25%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
05:18aIATA cuts 2019 airline profit forecast, sees stability in 2020
RE
05:16aNEWS HIGHLIGHTS : Top Global Markets News of the Day
DJ
05:16aNEWS HIGHLIGHTS : Top Company News of the Day
DJ
05:13aChina tightens controls on ownership transfers of state-owned financial firms
RE
05:12aOil prices fall as U.S. crude stocks jump
RE
05:02aTimeline - Saudi Aramco's winding road to an IPO
RE
05:01aS.Africa's Absa appoints new international head
RE
04:57aOil prices fall as U.S. crude stocks jump
RE
04:56aSmall British banks want softer rules to help them compete
RE
04:56aElection tension drags UK-focussed stocks lower
RE
Latest news "Economy & Forex"