Greenback Declines Against Singapore And Malaysian Counterparts, Choppy Versus Hong Kong Dollar, Tuesday, July 10, 2007 3:27:06 AM
The U.S. currency declined against its Singapore and the Malaysian counterparts during the early Asian deals on Tuesday. The downtrend pushed the Greenback to touch the 2-month low versus the Singapore dollar and the 1-week low versus the Malaysian Ringgit. On the other hand, the Greenback dropped slightly against the Thai Baht, but it showed choppy trading versus the Hong Kong dollar.The Greenback was lower against the Singapore dollar amid the release of the Singapore Q2 GDP data. In the second quarter, the Singapore economy expanded 8.2% annually, following 6.4% growth registered in the first quarter.
Against the Indonesian Rupiah and the Philippine peso, the Greenback showed slight weakness during the early deals, but it largely traded in a loose range. However, the Greenback ticked higher versus the Indian Rupee, but it was down against the South Korean Won.
The US wholesale inventories for the month of May is slated for later in the morning.
Against the Singapore dollar, the U.S. currency fell sharply in the early Asian deals on Tuesday and this was likely influenced by the Singapore Q2 GDP data. The downtrend pushed the Greenback to touch the 2-month low of 1.5163 at 9:10 pm ET Monday. Thereafter, the pair gained some pips but it moved sideways within two hours.
After a brief uptrend, the U.S. currency edged lower versus the Hong Kong dollar during the early Tokyo deals on Tuesday. Off 7.8151 at 10:15 pm ET Monday, the pair reversed most of its losses and fetched 7.8167. The Greenback then slipped slightly again. Largely, the pair showed choppy trading during the Asian session.
In the early Asian deals on Tuesday, the U.S. dollar held steady against the Thai Baht, but the pair lost ground at 8:35 pm Eastern Time Monday. The dollar thus moved from 33.82 to 33.47 within one and half hours. Soon after, the pair strengthened slightly and followed a sideways movement.
The U.S. dollar trended lower versus the Malaysian Ringgit in the early Asian session on Tuesday. The pair hit the 1-week low of 3.4320 by about 10:10 pm ET Monday and then showed a choppy trend.
Drifting lower in the early Asian deals on Tuesday, the U.S. dollar traded at 0.8989 against the Indonesian Rupiah by about 11:15 pm ET on Monday. But the pair bounced back completely soon after and entered a loose range which was limited between 0.9002 to 0.9025.
The U.S. dollar gained slightly versus the Philippine peso during the early Tokyo deals on Tuesday. However, at about 8:45 pm ET Monday, the gave back the gains and thus it dropped from 46.10 to 45.90. The dollar then moved sideways.
After a brief slid, the U.S. dollar held steady against its Indian counterpart in the early Asian session on Tuesday. But the dollar ticked up at 11:30 pm ET Monday and collected as much as 40.43 by about 1:25 am Eastern Time. Thereafter, the pair traded sideways.
During the early Asian deals on Tuesday, the U.S. dollar made a steep fall versus the South Korean Won and touched a low of 919.00 by about 1:35 am ET. The pair then reversed most of its losses, but it is currently holding steady at 921.60.
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posted by Kalin Tasev @ 3:03 AM
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