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* S.Korean won lowest in two weeks
* India"s Nifty 50, Singapore shares fall
* Singapore hikes 2021 GDP growth forecast
* U.S. inflation data expected at 1230 GMT
By Sameer Manekar
Aug 11 (Reuters) - Asian currencies were largely muted on
Wednesday, with the South Korean won and the Malaysian ringgit
weakening after the U.S. dollar strengthened, while equities in
the region were mixed as rising cases of COVID-19 weighed.
The Philippine bourse scaled a near one-month peak,
Malaysian stocks advanced more than a percent, while
Singapore shares lost 0.9% despite the government raising
its annual growth forecast.
South Korea"s won hit its lowest in two weeks,
and equities declined for a fifth straight day as the
country saw record number of new COVID-19 cases.
The U.S. dollar index rose to a three-week high and
the benchmark U.S. bond yield touched 1.3690%, its
highest since mid-July, due to upbeat U.S. economic data and
speculation of asset purchase tapering.
A strong U.S. inflation reading for July later in the day
could further boost the U.S. dollar and add to the speculation
of policy tightening by the Federal Reserve, threatening Asia"s
risk-sensitive markets.
"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.
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.
"The economy remains well on track to meet our full-year GDP
growth forecast of 6.3% for 2021, but that also implies a slower
growth momentum in 2H21," said Irvin Seah, Senior Economist at
DBS Group Research.
"A combination of growth normalisation in manufacturing,
manpower crunch in construction, and continued drag from
COVID-19 on tourism-related sectors will make for a slower
second half of the year."
The Singapore dollar was largely flat, while the
Malaysian ringgit declined as much as 0.3% to hit its
lowest in three weeks.
India"s Nifty 50 declined as much as 0.7%, tracking
weakness in Asian peers on worries over a resurgence in COVID-19
cases, while the rupee edged lower.
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 hit highest since mid-July
Asia stock indexes and
currencies at 0651 GMT
COUNTRY FX RIC FX FX INDE STOCK STOCK
DAILY YTD X S S YTD
% % DAILY %
%
Japan -0.14 -6.7 <.N2 0.65 2.28
5 25>
China
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