Peso
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.
Ringgit
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.
Baht
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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