Halister News

(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