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* Singapore hikes 2021 GDP growth forecast
* S.Korean won lowest in two weeks
* Malaysian ringgit hits three-week low
* U.S. inflation data expected at 1230 GMT
By Sameer Manekar
Aug 11 (Reuters) - Asia"s emerging currencies were mixed on
Wednesday, with the South Korean won and Malaysian ringgit
leading losses, pressured by a strengthening U.S. dollar ahead
of inflation data for July as well as a surge in new coronavirus
infections in the region.
South Korea"s won weakened as much as 0.45% to
1,155.0, its lowest in two weeks, weighed by a record tally of
new COVID-19 infections despite having tough distancing measures
in place for more than a month.
The U.S. dollar, already appreciating on last week"s strong
jobs data and on remarks by Fed officials hinting that asset
purchase tapering is on the cards, could get a further boost
from a hot inflation reading, adding to expectations of policy
tightening.
"A higher-than-expected reading may suggest inflation being
more persistent and increase the risk of an earlier tapering
timeline from the Fed," said Yeap Jun Rong, Market Strategist at
IG.
The U.S. dollar index, which measures the greenback
against a basket of currencies, hovered near its four-month
high, while the benchmark U.S. bond yield touched
1.3610%, its highest since mid-July.
"Until U.S. data starts disappointing again, or the Fed
starts pushing back against the market"s hawkish tilt, the
dollar is likely to stay firm," analysts at DBS Group Research
said in a note.
Singapore on Wednesday hiked its forecast for annual
economic growth, counting on easing border restrictions and
COVID-19 vaccination programs, as the economy expanded more than
expected in the second quarter.
The city-state is now expected to grow 6% to 7% in 2021,
versus a prior estimate for an expansion of 4 to 6%. In the
second quarter ending June, GDP grew 14.7% from last year,
higher than analyst and government"s advance estimates.
"A faster pace of reopening and relaxation of restriction
measures and potential resumption of some international travel
later this year would pave the way for a more stable recovery
trajectory," Selena Ling, Head of Treasury Research & Strategy
at OCBC Bank said.
The Singapore dollar edged higher, while equities
were down half a percent, unimpressed by the hike in
growth forecast.
Malaysian ringgit declined as much as 0.3% to hit its
lowest in three weeks, while equities advanced more than
a percent.
Markets in Indonesia, were closed for a
public holiday.
HIGHLIGHTS:
** Singapore"s 5-year benchmark yields rise as
much as 2.2 basis points to 0.829%
** Thai baht up 0.2%, best day in nearly two weeks
** Philippines" shares hits highest since July 19
Asia stock indexes and
currencies at 0329 GMT
COUNTRY FX RIC FX FX INDE STOCK STOCK
DAILY YTD X S S YTD
% % DAILY %
%
Japan -0.08 -6.7 <.N2 0.65 2.28
0 25>
China
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