Dollar Versus Asean`s Currency
Publish Date : 2019/07/22 - 07:28

This was tamed after clarification from New York Fed President John Williams, after which the USD rallied as fears of rising tensions in the Strait of Hormuz fueled demand for haven assets.

Versus ASEAN currencies, it was thus a mixed bag. A notable outperformer was IDR despite the Bank of Indonesia delivering a rate cut (as expected). The central bank continues to closely monitor the Rupiah’s level, with Coordinating Economic Minister Darmin Nasution saying that the country sees room for it to strengthen further.

The US Dollar did appreciate this past week against the Indian Rupee and Singapore Dollar. The INR tracked Indian government bond yields lower, with risk aversion sending the NIFTY 50 to its lowest since May by the end of last week. As for USD/SGD, it aimed cautiously higher in the aftermath of last week’s dismal Singaporean GDP report.


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