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Business

R
Reuters
November 16, 2017

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Dollar weakens

Dollar weakens

TOKYO: Most Asian currencies firmed against the dollar on Wednesday after the euro´s gains on upbeat German economic data weakened the greenback.

The euro strengthened to 2-1/2 week highs as Germany´s seasonally adjusted gross domestic product rose by 0.8 percent on the quarter, beating a Reuters poll, as buoyant exports and rising company investment in equipment boosted growth.

The dollar index that tracks the U.S. currency against six major peers was at 93.812, its lowest level since late October and well below its overnight high of 94.542. The euro´s rise is definitely supporting the Asian currencies but they are also being helped by some (Asian) central banks hinting at a possible review of monetary policy, said said Chang Wei Liang, FX strategist at Mizuho Bank.

Bank Negara Malaysia said last week it may consider reviewing its current monetary accommodation given the strength of global and domestic macroeconomic conditions. Malaysia´s inflation for full-year 2017 is expected to come in at the higher end of its forecast range of 3-4 percent. The Philippine central bank raised its inflation forecast for 2018 last week, but kept unchanged its estimates for this year and 2019.

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