Asian Currencies May Garner Some 'Relief' from Weak U.S. Nonfarm Payrolls Report
Dow Jones
3 hours ago
0140 GMT - Asian currencies may garner some "near-term relief" from the weaker-than-expected U.S. nonfarm payrolls report, two strategists at OCBC Group Research say in a note. The "report took some of the urgency out of further Fed tightening," the strategists say. However, they are "cautious about extrapolating this into a broad-based Asian FX rally." Long-dated U.S. Treasury yields are still elevated while oil prices remain high, keeping oil-importing Asian currencies like the Indonesian rupiah, the Philippine peso, and the Thai baht relatively more exposed, the strategists add. The dollar is little changed at 62.486 pesos and is 0.1% higher at 33.56 baht, LSEG data show.
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