FX Insights
Regional ASEAN economies continue to grapple with the aftershocks of the US election results. EM Asian currencies sold off on Friday as markets recalibrated risks of Trump presidency and higher US rate prospects, prompting actions from the various central banks. The pressure was particularly pronounced for the MYR and IDR which have a relatively large exposure to foreigner participation in their government bonds. The US bond market was closed last Friday (11 Nov) for US Veterans Day holiday, but yields have spiked significantly higher and this has dragged up yields globally. The US equity markets had a tremendous week, rally strongly post-US presidential elections and while Friday (11 Nov) was seen as the slowing pace of the rally, the DJIA still etched out a fresh record high even as the other two major indices ended mixed. However, Asian markets continued to struggle and weakened following the rally on Thursday. The HSI and STI fell 1.4% and 0.7% respectively on Fri while Jakarta CI plunged 4.0% amid outflows concerns and the stock indexes in Thailand and Malaysia fell by more than 1%.
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