Asian Currencies News

If you are trading and use the fundamental analysis, then you should keep up with the economic news and events. Here's one news I found in bloomberg when I was searching for the latest news.

Asian Currencies Fall, Led by Ringgit, on Spreading Swine Flu

April 27 (Bloomberg) -- The Malaysian ringgit and the Singapore dollar were among the biggest decliners in Asian currencies on concern spreading swine flu will damp global economic growth and investor confidence in emerging-market assets.

The Bloomberg-JPMorgan Asia Dollar Index, which tracks the region’s 10 most-active currencies excluding the yen, dropped the most in a week and Asian stocks slid as funds based abroad sought safety in the U.S. currency and Treasuries. The ringgit also declined on bets the central bank will cut its benchmark interest rate to a record low this week in an effort to halt a slump in exports and industrial production.

“The swine flu is affecting sentiment and keeping the dollar bid,” said Carl Rajoo, an economist at Forecast Singapore Pte Ltd. “It’s causing a bit of a risk aversion. Sentiment is less optimistic. The risk of a global pandemic is severe.”

The ringgit snapped a two-day gain, weakening 0.4 percent to 3.5988 per dollar as of 5:12 p.m. in Kuala Lumpur from 3.5855 on April 24, according to data compiled by Bloomberg. Singapore’s dollar fell 0.2 percent to S$1.4936 and the Philippine peso slipped 0.5 percent to 48.677.

U.S. President Barack Obama's administration declared a public-health emergency because of a growing number of swine flu cases. In Mexico, 100 people have died from flu-related causes, while infections were also confirmed in Canada, and suspected in Brazil, Europe and New Zealand, sending the respective currencies lower. Japan, Malaysia and Singapore said they are screening passengers at checkpoints for fever, while Hong Kong raised its flu response level to “serious” from “alert.”

Read More: HERE

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