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* Graphic: World FX rates tmsnrt.rs/2RBWI5E
* Asian stock markets: tmsnrt.rs/2zpUAr4
* Taiwan stocks eye best day in 3 weeks
* Indonesia stocks set to snap 4-day losing streak
* Investors await speech from Fed chief Jerome Powell
By Harish Sridharan
June 22 (Reuters) - The Thai baht hit a near nine-month low
on Tuesday, extending losses for a seventh straight session, as
the U.S. Federal Reserve"s recent hawkish turn continued to
weigh on the currency.
Equity markets across Asia tracked a global overnight
rebound on Wall Street, as market participants turned their
attention to economic growth.
The baht, which has come under pressure along with
its regional peers after the Fed last week indicated earlier
than expected policy tightening, dipped to its lowest since
Sept. 30, 2020.
"The baht"s recent weakening is largely due to the U.S.
Fed"s recent hawkish pivot, likely exacerbated by Thailand"s
already weak economic fundamentals due to the virus situation,"
said Dhiraj Nim, FX strategist at ANZ Research.
While strict entry requirements and quarantine measures
initially helped keep Thailand"s coronavirus outbreaks under
control, the curbs saw revenue from its key tourism sector
plummet.
Investors are also awaiting a Bank of Thailand meeting on
Wednesday, where the central bank is expected to keep its policy
rate at a record low, but likely cut its economic growth
outlook.
Several other currencies in the region benefitted from a
weaker U.S. dollar, however, as investors looked ahead to a
testimony from Federal Reserve Chairman Jerome Powell.
"We are keeping a lookout for if Fed officials will attempt
to reassure markets that the Fed is not about to start a
tightening cycle pre-emptively," said Christopher Wong, senior
FX strategist at Maybank.
"However if there is none...and instead more hawkish talk,
then USD rise could weigh on AxJs (Asia except Japan)."
Indonesian stocks, which skidded 1.5% last week,
snapped a four-day losing streak and jumped nearly 1.5% even as
the country"s total coronavirus cases passed the two million
mark.
Stocks in the Philippines and South Korea
rose 0.7% and 0.6%, respectively, while Thai shares eyed
their best session in nearly two weeks.
Equities in Taiwan were on course to notch their
best session in more than three weeks, a day after the island
forecast strong demand for tech goods amid a sustained need for
telecommuting products during worldwide lockdowns.
HIGHLIGHTS
** Top gainer on the Jakarta stock index was
Binakarya Jaya Abadi Tbk PT, up 34.67%
** Top loser on the Singapore STI was Venture
Corporation Ltd, down 2.72%
** Indonesian 10-year benchmark yields are up 7.40 basis
points at 6.637%
Asia stock indexes and
currencies at 0347 GMT
COUNTRY FX RIC FX FX INDE STOCKS STOCK
DAILY YTD % X DAILY S YTD
% % %
Japan -0.12 -6.51 <.N2 2.90 5.02
25>
China
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