China’s PMI supported views that the Chinese economy would not suffer a
hard landing as earlier feared. Moreover, they said, favorable economic
developments in China would boost exports of neighboring countries like the
ASEAN.
China is one of the biggest
export markets of the ASEAN.
Concerns have been lingering over
the budget problems of the US government, which has been scheduled to implement
higher taxes and spending cuts at the onset of 2013 unless legislators could do
something to avert those. Economists said higher taxes and spending cuts might
help address fiscal woes of the US government but could also dampen the still
weak growth of the US economy.
Philippines
The peso moved sideways as
investors weighed reports about a pickup in manufacturing in China and
lingering concerns about budget problems of the US government.
The local currency closed at
40.88 against the US dollar, up by 2 centavos from Friday’s finish of 40.90:$1.
Intraday high hit 40.85:$1, while
intraday low settled at 40.905:$1.
Volume of trade amounted to
$632.802 million from $968.786 million previously.
Malaysia
Malaysia ringgit was traded lower
against other major currencies.
It depreciated against the
Singapore dollar to 2.4912/4945 from last Friday’s 2.4891/4910 close and fell
against the Japanese yen to 3.7015/7048 from 3.6761/6801.
The local unit decreased against
the British pound at 4.8795/8842 from 4.8764/4797 last week and declined
against the Euro to 3.9622/9654 from 3.9547/9569 previously.
Thailand
The Thai Baht has maintained its mid-range
and looks set to do so for the rest of the week.
Singapore
The Singapore Dollar is still a
buy despite Singapore expecting economic growth to slow to 2 to 3%
Singapore Prime Minister Lee
Hsien Loong has said that the government is no longer aiming for ” ridiculously
high” economic growth like those seen in the past years, but rather a more
sustainable rate of about 2 to 3% per year, local media reported Monday.
Lee said at a conference of the
ruling People’s Action Party that Singapore’s growth rate used to be 7 to 8%
per year, and 5% on average over the last decade.
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