Yuan, Singapore dollar likely to further weaken

Business | 16 May 2018 3:43 pm

China's domestic currency, the yuan, the Korean Won, Indian rupee, Indonesian rupiah and the Malaysian ringgit are likely to fall further, an analyst says. The Singapore dollar and Thai baht also remain at risk of declining, further.

Jameel Ahmad, global head of currency strategy and market research at FXTM, says emerging market currencies have encountered renewed selling pressure this week.

The excessive selling in emerging market currencies at the close of European trading in the South African rand (-2.2 percent) Turkish lira (-1.8 percent) Russian rouble (-1.10 percent) Norwegian krone (1.05 percent) Polish Zloty (-1.25 percent), suggests that Asian forex is going to encounter a difficult session today.

As for the yuan, like other emerging market currencies, external factors such as momentum for the US dollar can be seen as the motivator behind the latest fluctuations, Ahmad says.

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