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* Fed policy statement announcement due at 1800 GMT
* Malaysia keeps interest rate unchanged at 1.75%
By Indranil Sarkar
Nov 3 (Reuters) - Asian currencies slipped on Wednesday
ahead of the U.S. Federal Reserve"s expected commentary on
unwinding its pandemic-era policy support, with Thailand"s baht
down on a bleak annual economic growth forecast.
The South Korean won declined 0.6% to lead losses
against a firm dollar as investors awaited rate hike clues from
the Fed heading into next year.
"Fussing over whether the Fed will announce "taper", the
gradual wind down of Quantitative Easing (QE), at this week"s
FOMC is as useful as rearranging the deck chairs on the
Titanic," Mizuho analysts wrote.
"Markets fully expect that the Fed is already on course to
taper and wind down QE by mid-2022."
The Malaysian ringgit inched 0.2% lower but stayed
largely unchanged after the country"s central bank kept its
benchmark interest rate unchanged, as expected, to support
economic growth.
With macroeconomic policy focused on supporting economic
recovery and given the low and stable core inflation, the
overnight policy rate was expected to stay at current record low
of 1.75% well into 2022, analysts at Maybank wrote in a note.
The baht fell 0.4% after the country"s deputy prime
minister said economic growth would be subdued this year owing
to the COVID-19 pandemic.
Thailand this week re-opened its borders to fully vaccinated
tourists after about 18 months of restrictions, but investors
feel it is a little bit too early to determine its economic
impact.
South Korean stocks dropped 1.3%, after posting
their best single-day gain in three weeks in the previous
session.
The rupiah shed 0.2% as the country"s economic growth
likely slowed significantly in the third quarter, according to a
Reuters poll.
Finance Minister Sri Mulyani Indrawati separately told
Reuters on Tuesday that they could phase out coal-fired power
plants by 2040 if the world"s top thermal coal exporter gets
sufficient financial help from the international community.
Philippine stocks jumped 1.4%, with supermarket
operator AllDay Marts, owned by the country"s richest
man, soaring 50% in its market debut.
HIGHLIGHTS
** Singapore"s top lenders United Overseas Bank
and Oversea-Chinese Banking Corp fell 1.1% and 0.6%,
respectively, even after posting higher Q3 profits
** Indonesian 10-year benchmark yields are down 1.6 basis
points at 6.2%
** Singapore"s 10-year benchmark yield is down 1 basis
points at 1.8%
Asia stock
indexes and currencies at 0728 GMT
COUNTRY FX FX FX INDEX STOCKS STOCK
RIC YTD DAILY S
DAILY % % YTD
% %
Japan +0.06 -9.34 -0.43 7.57
China
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