1. Home >
  2. Export Import News >
  3. Foreign Exchange >
  4. Most Asian currencies slide on trade jitters >
  5. Most Asian currencies slide on trade jitters

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Most Asian currencies slide on trade jitters.

Date: 10-05-2019
Subject: Most Asian currencies slide on trade jitters
Most emerging Asian currencies weakened on Thursday, with the South Korean won sliding to a more than two-year low as concerns about an escalation in trade tensions ahead of crucial U.S.-China talks hit exporter currencies. 

Markets nervously await the start of two-day trade talks between U.S. and Chinese officials in Washington, due later in the day. Chinese Vice Premier Liu He is seeking to salvage a deal to avert a sharp rise in tariffs, after U.S. officials said Beijing had backtrack on earlier commitments.

U.S. President Donald Trump accused China of breaking the deal it had reached in trade talks, while Beijing announced it would retaliate if tariffs rise as planned on Friday. 

"If talks break down and most exports from China to the U.S. face 25 percent tariff from this Friday onward, risks of a financial market collapse, extreme risk aversion, and sharp slowdown in global growth will spike," DBS Bank said in a note. 

"Even if last moment developments lead to a postponement of escalation, the ill-will generated by this week’s developments will not go away." 

China's yuan traded 0.4 percent lower against the dollar, its weakest level in four months. 

The Philippine peso edged lower, after data showed that the Philippines economy grew at its weakest pace in four years in the first quarter, reinforcing views the central bank could lower key interest rates when it meets later in the day. 

The Indonesian rupiah depreciated 0.4 percent to the dollar, touching its lowest point since Jan. 4, while the Indian rupee eased 0.2 percent. 

Meanwhile, the Thai baht, emerging Asia's top performing currency this year, swung between positive and negative territory. 

Long-delayed results of Thailand's first election since a 2014 military coup released on Wednesday produced no clear winner, but gave the pro-army party, which is seeking to keep the current junta leader in power, a clear advantage. 

Leading declines in the region, the South Korean won weakened 0.7 percent against the dollar, in tandem with a slump in the local equity benchmark index. 

"Korea is strongly linked to China because of cross border trade, and the won is also a great indicator of trade in emerging Asia at large," Mahesh Sethuraman, Deputy Head of Sales Trading, Asia Pacific at Saxo Capital Markets said. 

"So, if the U.S.-China trade deal breaks down, it is very likely to have an adverse impact on emerging Asia trade at large, and therefore shorting Korean won is a good proxy for expressing that view." 

The won is emerging Asia's worst performing currency this year, declining about 2.3 percent, after South Korea's economy suffered its worst quarter since the global financial crisis in the January-March period. 

Source: economictimes.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Exim Help

What is New?

Date: 24-01-2020
Notification No. 01/2020-Customs (ADD)
seeks to amend notification No. 40/2017-Customs(ADD) dated 25-08-2017, to revise anti-dumping duty on imports of "Sodium Nitrite" originating in or exported from China PR, in pursuance of final findings of sunset review investigations issued by DGTR vide notification No. 15/06/2016-DGTR dated the 8th November 2019..

Date: 23-01-2020
A.P. (DIR Series) Circular No.20
Merchanting Trade Transactions (MTT) – Revised Guidelines

Date: 23-01-2020
A.P. (DIR Series) Circular No.19
‘Voluntary Retention Route’ (VRR) for Foreign Portfolio Investors (FPIs) investment in debt – relaxations

Date: 23-01-2020
A.P. (DIR Series) Circular No.18
Investment by Foreign Portfolio Investors (FPI) in Debt

Date: 21-01-2020
Circular No. 4/2020 – Customs
Clarification relating to import of gifts - Reg

Date: 20-01-2020
A.P. (DIR Series) Circular No.17
Introduction of Rupee derivatives at International Financial Services Centres (IFSC)

Date: 17-01-2020
TRADE NOTICE NO. 46/2019-20
Mis-classification goods under 'Others' category at the time of Import- reg.

Date: 16-01-2020
Notification No.05/2020 - Customs (N.T.)
Exchange Rates Notification No.05/2020-Custom (NT) dated 16.01.2020.

Date: 15-01-2020
Notification No. 03/2020- Customs (N.T.)
Notification of Ghasuapara LCS for imports also by amendment of Notification No. 63/1994-Customs dated 21st November 1994

Date: 15-01-2020
Notification No. 04/2020-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seed, Areca nut, Gold & Silver - reg.

Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.


C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001