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Asian
currencies fell broadly on Friday, with the focus on whether U.S. jobs data
will bolster expectations for the Federal Reserve to raise interest rates later
this year.
The
Singapore dollar hit a six-year low of 1.4366 against the U.S. dollar, weighed
down by increasing expectations for Singapore's central bank to ease its
exchange-rate based monetary policy later this month.
The
Thai baht slipped to its lowest level in nearly nine years.
The
Malaysian ringgit led the losses on the day, falling around 0.9 percent against
the dollar.
The
dollar is likely to stay firm against emerging Asian currencies ahead of the
U.S. jobs data, said Christopher Wong, senior FX analyst for Maybank in
Singapore.
While
emerging Asian currencies were broadly lower on the day, their weekly performance
has been mixed.
Weekly
gains have been led by the South Korean won, Indian rupee, and Taiwan dollar.
Losses
for the week have been led by the Malaysian ringgit and Thai baht.
THAI
BAHT
The
baht touched a low of 36.68 versus the dollar, its lowest level since December
2006. For the week, the baht is down more than 1 percent.
"With
no convincing signs of regional economic recovery, and with the prospects of a
hard landing in China increasing daily, one can only assume a test of 37.00 is
in the offing," said Stephen Innes, senior trader for FX broker OANDA in
Singapore.
SOUTH
KOREAN WON
Although
the won retreated on Friday, the South Korean currency is still up about 0.9
percent against the dollar for the week.
The
won has been supported this week by the unwinding of long dollar positions and
dollar-selling by South Korean exporters, traders said.
MARKET
POSITIONING
A
Reuters survey showed that investors increased bearish bets on most emerging
Asian currencies in the last two weeks after Federal Reserve officials kept
open the possibility of an interest rate hike in 2015 and as worries of a
global economic slowdown lingered.
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