Asian Currencies Continue a Downward Trajectory

Asian currencies continue to fall this week. On Monday morning several Asian currencies were down, Malaysian ringgit has been down since 1998 and is currently down by 11.6%, annually. Moreover, the Japanese yen fell to a 24-year low and is now trading at 144.7700 yen against a dollar.

Moreover, as the global economy prepares to face an upcoming recession, the dollar index remained close to its 20-year peak trading at 112.17.

On the other hand, the risk-sensitive currencies, the Australian dollar, and the New Zealand dollar hiked up slightly. The Australian dollar was up by 0.6% while the New Zealand dollar went up by 0.8%. Both currencies experienced a hike ahead of the central banks’ rate increase.

In Asian currencies, the Thai baht and the Indonesian rupiah were also down facing losses of 0.6% and 0.3% respectively. Moreover, Asian currencies have taken a hit due to the pressure on Fed Reserves’ interest rate hike continuum.

Moreover, the greatest Asian Economy will show a slow trading week due to the upcoming week-long holiday in China.

In addition to this, the Japanese finance minister Shunichi Suzuki announced interventions to help steady the falling yen.


More Posts

Asian FX Jumps Up

Asian currencies on Tuesday managed to recoup, covering up losses from the previous session’s. Despite signals of another hawkish interest rate hike, all eyes have

Send Us A Message

An Advanced Online Trading Platform

Start your FOREX journey

Register Now

    Please fill out the form.

    You will be contacted shortly by one of agents to start your trading journey.

      Do you have forex trading experience?