Emerging Asian currencies were mixed on Friday with easing Sino-U.S. trade tensi...
- Emerging Asian currencies were mixed on Friday with easing Sino-U.S. trade tensions helping export-driven currencies but broader concerns about global recession keeping other units under pressure.
The dollar rose overnight after China’s commerce ministry said both sides are discussing the next round of talks scheduled for September. U.S. President Donald Trump also said some discussions between both countries were going on. The yuan is set for a monthly fall of nearly 4%, which will be its biggest monthly decline since China’s currency reform in 1994. It is also the worst performer for August after the Indian rupee, which is set to shed about 4.3%.Backed by strong foreign fund inflows and a large current account surplus, the Thai baht managed to weather the storm, set to add 0.3% this month.
While the decision came in as expected, analysts now increasingly expect the central bank to cut rates in October.
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