China’s yuan was Asia’s best performing currency in May. Offshore yuan, which is traded in international financial centres like Hong Kong, Singapore and London, rose 2.3% against the US dollar during the month. And yesterday, the first trading day in June, the yuan rallied again, making further gains of 0.3% and forcing the dollar-to-yuan exchange rate (USD/CNH) down as low as 6.72 – the yuan’s strongest valuation in seven months. View article >
The Australian dollar has fallen this morning following a downgrade of China’s debt rating by US ratings agency Moody’s.
The giant Asian nation has been assigned a new rating of A1 (from Aa3) by the agency on the grounds that its “financial strength will erode somewhat over the coming years.” It is the first time in nearly three decades that Moody’s has cut China’s sovereign rating. View article >
The New Zealand dollar has fallen more than a cent against the US dollar following this morning’s RBNZ statement.
As expected by the market, New Zealand’s official cash rate was kept at its record low of 1.75%, but the dovish tone of the RBNZ’s accompanying statements has surprised many.
“Monetary policy will remain accommodative for a considerable period,” said RBNZ Governor Graham Wheeler. View article >
On Friday, Scotiabank – otherwise known as the Bank of Nova Scotia – outlined four factors that would drive Asian currencies higher in 2017.
Investors would “pour funds” into Asian markets on the following grounds:
1) If the Bank of Japan and European Central Bank continue with their stimulus programs, providing “accommodative” levels of liquidity to the economy.
With three consecutive months of positive core inflation in Japan, it is unlikely that the BoJ will be ending stimulus any time soon. View article >
The Malaysian ringgit has been one of Asia’s worst performing currencies for some time.
Between May-2013 and September-2015 the exchange rate for MYR/USD declined from highs at 0.338 to 0.223 – a 34% fall in the currency’s value.
Markets gave the ringgit some respite between October-15 and April-16, a period in which the ringgit clawed back around half of the aforementioned losses, but then selling against the US dollar began again, which accelerated following the result of November’s US election. View article >
The US dollar has started the week lower against most currencies as traders play catch up following market holidays on Friday.
In Friday’s market update at BestExchangeRates.com, we described how March’s US core inflation fell month-on-month for the first time in seven years, but with many investors away for the Good Friday holiday, we also described how expected weakness in the US dollar did not occur (the US Dollar Index actually finished higher on the day). View article >
In recent days, the Philippine peso has done what other Asian currencies were unable to, and that’s to make gains against the US dollar in an environment of heightened geopolitical risk – an environment normally associated with a sell-off in emerging market currencies.
The peso gained again on Monday following up on its superb performance on Friday, in which PHP/USD posted its biggest gain in almost a year. View article >
The Australian dollar has had a tough couple of weeks.
Yesterday, against the U.S. dollar the Aussie finished the FX session down for the third consecutive day (its eighth daily fall in the past ten trading days). As of writing, AUD/USD is down again in Tuesday’s Asian session, trading at 0.7591, marking a 2% fall from highs posted on March-21.
No major moves are likely in AUD pairs this morning, however. View article >
Travel Tips and Ways to Save Money when Traveling in China.
China’s international visitors have rocketed to an impressive 26 million in 2015. It is said that in less than 10 years, the country will become the first tourist destination with the world’s largest number of visitors. Credit cards are still not accepted in many rural places so it will be convenient to carry a travel card or cash with you. View article >
With the Pound Sterling post Brexit falling over 9% against the USD, 7% against the Euro and over 13% against the Japanese Yen, one of the few positives of these plunges has been for the Art & Wine markets.
As reported in the FT, the UK’s luxury purchase market is benefiting from the benefits of a weaker pound. View article >
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