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* Thai baht appreciates over 1.5% in August
* Indian rupee on track to firm 1.7% in August
* S.Korea"s won set to soften for a third straight month
* Malaysian markets closed for holiday
By Sameer Manekar
Aug 31 (Reuters) - Most Asian currencies rallied on Tuesday
as the U.S. dollar slipped further following the U.S. Federal
Reserve"s dovish stance on tapering its bond purchase program,
with Thailand"s baht hitting a near two-month high.
Indonesia"s rupiah also climbed to its highest in
over two months, while South Korea"s won touched a
near three-week high.
The baht, the worst performing currency in the region this
year with a nearly 8% decline so far, was supported by the
approval of a $1.37 billion COVID relief plan on Monday as data
showed factory output growth slowed down in July.
"In the near-term we could see the Thai baht rally toward
the strong support zone around 32.25 from more foreign fund
inflows in Thai assets, especially equities due to optimism over
the COVID-19 situation," Poon Panichpibool, markets strategist
at Krung Thai Bank, said.
The Thai government announced easing of curbs in capital
Bangkok and other high risk areas last week to jumpstart the
economy even as the pandemic continues to hurt the
tourism-reliant economy.
"Think the government could be making a mistake by quickly
easing the lockdown measures since the positive rate still
remains high," Panichpibool added.
"If we do see another COVID-19 wave, it"s possible that the
Thai baht will face another round of selling and will move back
toward 33 THB/USD zone."
The baht appreciated over 1.5% in August, and equities
, which gained modestly on Tuesday, were on track to end
the month nearly 8% stronger.
Investors in the region will also be watching out for the
U.S. non-farm payrolls data later this week. A weaker August
jobs number could solidify the case for the Fed prolonging its
dovish stance, adding further pressure on the U.S. dollar.
Elsewhere in Southeast Asia, Indonesian rupiah, Indian rupee
, and Malaysian ringgit were set to add more than
1% in August.
India"s Nifty 50 advanced for a seventh straight day
to scale a fresh peak ahead of economic growth data due later in
the day, which is expected to show that Asia"s third-largest
economy likely rebounded in the April-June quarter.
Meanwhile, data showed China"s factory activity in August
expanded at a slower pace, suggesting signs of increasing
pressures in Southeast Asia"s biggest trading partner.
HIGHLIGHTS:
** Indonesian 10-year benchmark yields fall 2.8 basis points
to 6.113%
** China"s multi-pronged crackdown on its tech companies -
** South Korea"s won set for third straight monthly loss,
depreciates 0.8% in August
Asia stock indexes and
currencies at 0625 GMT
COUNTRY FX RIC FX FX INDE STOCK STOCK
DAILY YTD X S S YTD
% % DAILY %
%
Japan +0.08 -6.0 <.N2 1.08 2.35
0 25>
China
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