Monday, June 25, 2007

Dollar Mixed Against Southeast Asian Currencies On Monday, Monday, June 25, 2007 2:26:48 AM

The US dollar saw a mixed dealing against its Southeast Asian counterparts on Monday. While the dollar surged versus the Malaysian Ringgit, it slipped against the Hong Kong dollar. However, the US dollar traded in a loose range versus the Singapore dollar, but it held steady with the Thai Baht.

Against the Philippine peso, the dollar largely showed choppy trading during the session. On the other hand, the dollar advanced versus the Indian Rupee, but it was down against its Indonesian and the South Korean counterparts.

The Singapore May consumer price index and the South Korea Q2 consumer sentiment index data which were released during the session is likely to have an effect in the Greenback versus the Singapore dollar and the South Korean Won respectively.

Singapore annual inflation accelerated to 1.0% in May from 0.6% which was registered in April. Economists were looking for an inflation of 0.8%. Compared to last month, consumer prices climbed 0.3% versus 0.4% in April.

South Korean consumer confidence indicator improved to 108 in the second quarter, a survey result of the Bank of Korea indicated. This is the highest reading since the first quarter of 2006, when the index showed a reading of 109.

After falling briefly in the early Asian deals on Monday, the US currency traded in a loose range versus the Singapore dollar. The range was limited between 1.5379 to 1.5391. Lately the pair has been resuming the same trend.

Against the Hong Kong dollar, the Greenback trended lower as the Asian deals started on Monday. At about 9:10 pm ET Sunday, the pair reversed some of its losses but it edged down again within an hour. After hitting a low of 7.8130 at 10:30 pm ET, the Greenback followed a sideways movement.

During the early Asian deals on Monday, the US dollar spiked higher versus the Malaysian Ringgit. The uptrend helped the pair to fetch a high of 3.4660 at 11:00 pm ET Sunday. Soon after, the dollar gave back a few of its gains.

The US dollar gained some momentum against its Indonesian counterpart in the early Asian deals on Monday. However, at about 9:35 pm ET Sunday, the pair gave back the gains completely and declined further. The dollar thus lost ground from 0.9036 to 0.9003 by about 12:40 am ET. The pair then moved sideways.

In the early Asian deals on Monday, the Greenback traded slightly higher versus the Philippine peso and collected as much as 46.15 at 8:45 pm ET Sunday. Thereafter, the pair gave back the gains completely and showed a choppy trend.

Against the Indian Rupee, the US dollar dropped slightly during the early Asian deals on Monday. The pair touched a low of 40.55 at 9:20 pm ET Sunday and then held steady. After about a couple of hours, the dollar rebounded the recent losses completely and advanced further.

As the Asian deals started on Monday, the Greenback made a steep fall versus the South Korean Won. The downtrend pushed the pair to touch the session`s low of 926.00 at 12:05 am Eastern Time and then bounced back some of its losses.
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