Asian currencies fell on Wednesday, highlighting the pressure wrought by a stronger dollar as the Federal Reserve races ahead with interest rate hikes. Know more:
Asian currencies fell on Wednesday, highlighting the pressure wrought by a stronger dollar as the Federal Reserve races ahead with interest rate hikes.
“Central bank rate signals are becoming a bigger driver of Asian currencies,” said Eugenia Victorino, head of Asia strategy at Skandinaviska Enskilda Banken AB in Singapore. “Downward pressure on currencies where central banks are behind the curve in managing inflation will increase, particularly as the Fed keeps hiking aggressively.”
Over in Hong Kong, the monetary authority has bought HK$78.1 billion of the local dollar so far this month, including its HK$20.8 billion purchase on Tuesday. The currency still continues to linger near the weak end of its 7.75-to-7.85 per greenback trading band. “Most likely not,” Medalla said in a mobile-phone message, when asked if a bigger rate increase is needed due to the peso’s drop. “Of course I don’t know for sure how MBMs will vote,” he added, referring to Monetary Board members.
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