Investors trimmed their bearish positions on emerging Asian currencies over the past two weeks, a Reuters poll showed, although escalating Sino-US tensions worsened the mid-term outlook for regional units. Risky asset classes such as regional equities and currencies were battered over the past few months amid a deepening dispute on trade the United States and China. US President Donald Trump's administration on Tuesday threatened China with 10 percent tariffs on $200 billion worth of Chinese imports, prompting a tumble in equity and foreign exchange markets. China has threatened to retaliate, but did not specify how. Recent dollar strength also weighed on Asian units. The currency stood at a six-month high against the yen, bolstered by expectations that the US Federal Reserve would hike interest rates two more times in 2018. In Asia, bearish bets on the Chinese yuan eased slightly, the Reuters poll of 13 respondents showed. But a majority of poll responses came … [Read more...] about News Bearish bets on Asian currencies dip slightly, peso seen most bearish: Reuters poll
Ringgit malaysia to thai baht
Thai junta feeling heat from Malaysia poll
Barisan Nasional’s surprising defeat is a chilling warning for dominant one-party regimes, but the effects of this “people’s tsunami” is probably more keenly felt by our closest neighbour: Thailand. Thailand’s military-backed government is also feeling the heat. I spent the last five days in Bangkok and spoke to a number of Thai people to get an understanding of how much the restoration of a parliamentary democracy means to them. Incidentally, May 22 was the fourth anniversary of the Thai coup when the military seized power and declared martial law. “The generals are unlikely to relinquish power. They have been promising democratic elections but every time a small incident happens, they use it as an excuse to further delay polls,” said Werawat (last name withheld), a successful restaurateur. The businessman, who has interests in Malaysia, was extremely surprised by the turn of events on May 9. “Both Thailand and Malaysia have similar … [Read more...] about Thai junta feeling heat from Malaysia poll
Confusion over minimum cash on hand for entry into Thailand
GEORGE TOWN: Many Malaysians entering Thailand are puzzled over having to bring in a minimum of RM1,000 at the various entry and exit points between the two neighbouring countries. That theSun spoke to were curious over such a ruling which had apparently taken place over a decade ago but not widely highlighted until recently when two Malaysians were denied entry due to the insufficient amount a few months ago. One of them was Kang Poay Sim, 32, who related to theSun that she did not know anything about it although she frequently travels to southern Thailand's biggest city - Haadyai. For Kang, it was ridiculous to have a certain amount of Baht or ringgit to enter the border point. "We will only bringing in a few hundred for one or two days or just a day trip," she stressed. Mirroring her was journalist Imran Ismail who pointed out that he was taken aback when he came to know of such a ruling despite frequently travelling over the border. He described this ruling as something uncalled … [Read more...] about Confusion over minimum cash on hand for entry into Thailand
SCG readies Bt60 bn capex outlays
Some Bt20 billion of this amount would be used in the development of a petrochemical complex in Vietnam. Chaovalit Ekabut, SCG’s vice president for finance and investment and chief financial officer, said that the investment funds would be used to boost its manufacturing capacity at existing plants, as well as in those gained from potential acquisition deals. “We plan to invest approximately Bt60 billion this year, of which the major investment of about Bt20 billion will be for the development of our petrochemical complex in Vietnam,” said Chaovalit. He said that SCG had invested Bt46 billion last year, which came in lower that the target set by the group at the beginning of the year. This was due to a delay at the petrochemical complex in Vietnam by between three and six months. Roongrote Rangsiyopash, president and chief executive offer of SCG, said: “We are negotiating with our partner in Vietnam for the construction of a petrochemical complex, sources of … [Read more...] about SCG readies Bt60 bn capex outlays
Asian currencies, including ringgit, still considered cheap despite surge
Asian currencies are cheap in historical trade-weighted terms despite a steady rise to multi-year highs over the past year on broad US dollar weakness and strong flows into the region, analysts say.Malaysia’s ringgit, for instance, has appreciated more than 15 per cent against the dollar since the beginning of 2017, but in real effective exchange rate terms (REER), it is still 5 per cent below its 10-year average.REER is calculated on a trade-weighted basis against a basket of currencies and adjusted for inflation.The Japanese yen, Philippine peso and Indonesian rupiah are also trading below their 10-year averages.The rise in regional currencies against their trading partners’ currencies over the past year has been much lower than their gains on the dollar, keeping them attractive even now, analysts say.The South Korean won and the Thai baht have gained more than 12 per cent each against the dollar since Jan 2017, but their REER rates rose just about 4 per cent in that … [Read more...] about Asian currencies, including ringgit, still considered cheap despite surge