2009.01.1200:01:00UTC+00US dollar climbs to new multi-month high against Hong Kong currency

During early Asian deals on Monday, the US dollar showed strength against its South East Asian counterparts on mounting concern the global slowdown will reduce demand for the Southeast Asian countries exports and hurt economic growth.

The dollar climbed to a new multi-month high against the Hong Kong currency, a new multi-week high versus the Malaysian, South Korean and Taiwan counterparts and a 1-week high against the Philippine peso. On the other hand, the greenback recovered from a 1-week high against the Indian rupee.

During early Asian deals on Monday, the US dollar gained against its Hong Kong counterpart. At 8:45 pm ET, the pair climbed to 7.7590, compared to 7.7557 hit late New York Friday. This set the highest point for the pair since October 15, 2008. If the pair gains further 7.773 is seen as the next target level. The pair is currently quoted at 7.7586.

The US dollar edged higher against the Malaysian ringgit during early Asian deals on Monday. At 9:50 pm ET, the dollar-ringgit pair reached a high of 3.5780, compared to 3.5005 hit late New York Friday. This set the highest point for the pair since December 15, 2008. If the pair strengthens further, 3.63 is seen as the next target level.

Against its Taiwan counterpart, the US dollar rose to 33.2500 during early Asian deals on Monday. This set the highest mark for the pair since December 15, 2008. On the upside, 33.3395 is seen as the next target level for the dollar. The pair that closed Friday's North American session at 33.1270 is currently trading at 33.24.

The US dollar advanced to a 4-week high versus its South Korean counterpart during Monday's early trading. At about 7:20 pm ET, the dollar-won pair reached 1364.10, up from Friday's closing value of 1328.40. On the upside, the pair may likely find resistance near the 1394.1 level.

Against the Philippine peso, the US dollar climbed during early Asian deals on Monday. At 9:15 pm ET, the dollar-peso pair reached a 1-week high of 47.5850, compared to Friday's closing value of 46.80. The next upside target level for the pair is seen around 48.21.

The US dollar gained ground after hitting a 1-week low of 47.9650 against the Indian rupee during early Asian deals on Monday. The dollar-rupee pair thus climbed to 48.59 at 11:25 pm ET, compared to 48.52 hit late New York Friday. On the upside, 49.5 is seen as the next target level for the pair.

India is set to announce December numbers for industrial production today. Analysts are expecting a decline of 0.8 percent on year following the 0.4 percent annual decline in November. There are no significant economic reports scheduled to be released from US today.

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