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* Singapore dollar strengthens 0.1%
* S. Korea stocks set for best day in a month
By Indranil Sarkar
Nov 2 (Reuters) - Most Asian currencies held steady on
Tuesday as investors awaited key central bank meetings to gauge
the outlook on rates for next year, while Singapore"s dollar
firmed on reports policymakers would act on growing inflation
risks.
The Reserve Bank of Australia (RBA) left its cash rate at a
record low of 0.1%, but dropped both a commitment to keeping
bond yields low and its projection of no hike in interest rates
until 2024, as inflation crept up in the country.
All eyes are now on policy meetings by the U.S. Federal
Reserve and the Bank of England later this week that could set
the tone for risk appetite heading into the next year.
Thailand"s baht, the Philippine peso and the
Malaysian ringgit strengthened between 0.1% and 0.3% as
the greenback eased after notching its biggest daily rise in
more than four months on Monday.
The Singapore dollar edged up 0.1% after Ravi Menon,
managing director of the Monetary Authority of Singapore, said
in a TV interview that they were watching out for signs of
accelerating inflation and were ready to act against it.
The Korean won firmed 0.2% after the country"s
consumer inflation accelerated to a near 10-year peak in
October, forcing the Bank of Korea (BoK) to revise up its 2021
price projections and reinforcing the case for another interest
rate hike soon.
Even if inflation normalises, it will remain above BoK"s 2%
target for the rest of the year, said Krystal Tan, economist at
ANZ research, adding that a rate hike is very likely this month
if the country"s economic recovery stays its course.
Investors also welcomed the government"s plan to seek
inclusion of its sovereign bonds into MSCI"s developed markets
index.
The baht was up 0.2% as Bangkok welcomed first tourists for
quarantine-free holiday, but investors cautiously waited to
check if this move would spur a spike in fresh infections.
"Foreign tourism is unlikely to see a near-term surge as
many countries have quarantine restrictions for returning
tourists," ANZ Research analysts said in a separate note.
Upside momentum has eased for the baht as it sees a host of
other risks, including unfavourable trade balance on rising
crude prices considering Thailand is a net oil importer, they
added.
Coming off a holiday, Philippine stocks jumped 1.5%.
HIGHLIGHTS
** Indonesian 10-year benchmark yields are up 1.7 basis
points at 6.2%
** Malaysia"s 10-year benchmark yield is up 2.1 basis points
at 3.6%
Asia stock
indexes and currencies at 0724 GMT
COUNTR FX FX FX INDEX STOCKS STOCKS
Y RIC DAILY YTD % DAILY YTD
% % %
Japan +0.28 -9.17 -0.43 7.57
China
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