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Baht at the head of rising Asian currencies this week

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Baht at the head of rising Asian currencies this week

The Thai baht’s advance to an eight-month high, led Asian currencies higher as improving economic data in the region spurred capital inflows.

The Bloomberg-JPMorgan Asia Dollar Index (ADXY), which tracks the region’s 10 most-active currencies excluding the yen, advanced 0.2% from July 18 during late afternoon trading in Hong Kong. The baht rallied 0.9% to 31.853 per dollar, climbing for a fifth week. The Philippine peso rose 0.5% to 43.285 and India’s rupee strengthened 0.3% to 60.1075. China’s yuan advanced 0.3% to 6.1915.

Elsewhere in Asia, Taiwan’s dollar rose 0.1% this week to NT$30.035 per dollar, South Korea’s won advanced 0.3% to 1,026.15 and Vietnam’s dong retreated 0.1% to 21,228.

Manufacturing in China, the world’s second-biggest economy, expanded in July by the most since January 2013 and Taiwan’s export orders in June had the biggest increase in 17 months, reports indicated this week.

Global funds bought $2 billion more of Thailand’s bonds than they sold in the last four days, set for the largest net weekly purchases since September. The nation’s stocks also drew funds, as did equities in India, Indonesia, South Korea and Taiwan, exchange figures show.

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About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

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Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.