INSIDE ASIA: Most Asian Currencies Rise on Yellen’s Remarks
(Bloomberg) -- Asian currencies are mostly stronger on broad greenback weakness after Fed Chair Yellen yday stressed patience and caution in raising rates.
- Yen gained for a second day even as Japan’s industrial production slumped 6.2% in February from month earlier, the biggest drop since March 2011 earthquake and missing median estimate of 5.9% decline; govt projects output will expand 3.9% this month
- Prime Minister Abe said yesterday evening government will front load fiscal 2016 spending as much as possible
- China seven-day repo rate advances; onshore yuan rises to highest in a week after central bank raises reference rate most since March 18
- Top priority of China’s current monetary policy is stabilizing economic growth: Economic Information Daily
- ADB forecasts China growth will slow to 6.5% in 2016, 6.3% in 2017
- Korean won climbs to strongest in 4 months
- Goldman says change in BOK monetary policy board will make it more open to further easing
- Kiwi little changed versus dollar after earlier rising to highest since Oct. on AUD/NZD selling by macro name
- RBNZ says it sold net NZD9m in Feb
- New Zealand home-building approvals increased 10.8% in February from month earlier when they fell a revised 7.8%
- Yield on U.S. 10-year Treasury rises 1bp to 1.818% after dropping 8bps yday as Fed Chair Yellen indicated deteriorating world growth warranted slow approach to tightening monetary policy
- Ringgit climbs; USD/MYR testing Fibonacci support on ’risk- on’ sentiment
- Malaysia cabinet still going through list of candidates for next central bank governor, Edge newspaper reports
- Rupiah advances; government may lower 2016 tax revenue target in revised state budget to a more realistic level, Bisnis Indonesia reports citing President Widodo
- Peso gains; some foreign lenders closed remittance companies’ accounts after implementing rules to fight money laundering, terrorism financing, Philippine central bank Governor Tetangco says
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