Mar 19, 2013

ASEAN FX, Peso, Baht, Ringgit, Singapore Dollar

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The Philippine peso remained one of the fastest appreciating Asian currencies in the first two months of 2013 on the back of a surge in foreign “hot money.”

Closing at 40.66 against the US dollar on Feb. 28, the peso had strengthened by nearly 1 percent since the start of the year.

Data provided by the Bangko Sentral ng Pilipinas (BSP) to the Inquirer showed that the peso rose by 0.96 percent during the period, the second-fastest rate of appreciation among selected actively traded Asian currencies.

Singapore Dollar

The Singapore dollar breached a 200-day moving average and a 55-week moving average on hedge funds offers and stop-loss selling.

The Singapore dollar touched 1.2486 to the greenback, its weakest since September 5, breaking through a 200-day moving average at 1.2398 and a 55-week moving average at 1.2439.

It weakened past the 38.2 per cent Fibonacci retracement at 1.2465 of its appreciation between June and October 2012, even temporarily breaching a 100-week moving average at 1.2482.

Offshore hedge funds sold the city-state’s currency, causing stop-loss selling, traders said.

Investors were looking to sell the local currency on rallies as it already ended daily sessions softer than the 200-day average twice, traders and analysts said.

On February 21 and March 1, the Singapore dollar ended daily sessions weaker than the chart support.


The ringgit fell as investors added dollar holdings on global risk appetite.

Still, the Malaysian currency found relief from demand by local corporates at around 3.1100 to the greenback, traders said.

“We need to wait for London to come in then will be able to push dollar/ringgit higher,” said a Asian bank trader in Singapore, referring to offshore investors in Europe.


The Thai Baht eased a little today but that is not a trend that is expected to continue, strong GDP growth and exports will see the Baht move towards this year.

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