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2009.08.2001:50:00UTC+00Most Southeast Asian Currencies Advance Against Dollar

Thursday morning in Asia, most Southeast Asian currencies edged up against the U.S. dollar as a rally in most Asian stocks increased demand for emerging market assets.

China's Shangai Composite index rose 2.10%, South Korea's KOSPI index gained 0.99%, Singapore's Straight Times index rose 1.2% and the Hong Kong's Hang Seng climbed 1.88%.

The Thai baht that closed yesterday's trading at 34.06 against the U.S. dollar strengthened to 34.0150 during early Asian deals on Thursday. The near term resistance for the Thailand currency is seen around the 33.96 level.

In early Asian trading on Thursday, the Taiwan dollar rose to 32.9645 against the US currency. This may be compared to Wednesday's close of 33.0070. On the upside, 32.919 is seen as the next target level for the Taiwan currency.

The Chinese yuan traded higher against its US counterpart during Thursday's early Asian trading. The yuan is now trading at 6.833 versus the buck, and if it rises further 6.830 is seen as the next target level. At yesterday's New York session close, the pair was quoted at 6.8352.

The People's Bank of China has set today's central parity rate for the dollar-yuan pair at 6.8318. The pair is allowed to move 5% above or below the target rate.

During Thursday's early Asian deals, the South Korean won advanced to a 3-day high of 1243.10 against the dollar. The next upside target level for the Korean currency is seen at 1230.4. The dollar-won pair was worth 1250.4 at Wednesday's close.

The Singapore dollar that closed yesterday's trading at 1.4485 against the US currency jumped to a 3-day high of 1.4455 in early Asian deals on Thursday. On the upside, 1.4396 is seen as the next target level for the Singapore dollar.

In early Asian deals on Thursday, the Malaysian ringgit soared to a 3-day high of 3.5250 against the US dollar. This may be compared to Wednesday's closing value of 3.5425. If the Malaysian currency moves up further, it may likely target the 3.51 level.

The Indian rupee that jumped to a 3-day high of 48.36 against the US dollar at 8:35 pm ET Wednesday weakened thereafter. The rupee fell to 48.81 per dollar by about 11:35 pm ET. If the Indian currency slips further, it may likely target the 49.13 level. The dollar-rupee pair closed yesterday's New York session at 48.7250.

Thursday morning in Asia, the Philippine peso edged down against its US counterpart. The peso plunged to 48.59 against the greenback by 9:25 pm ET, the lowest level since June 23. If the peso declines further, support is seen around the 48.75 level.

Today, Taiwan is scheduled to release gross domestic product and current account data for the second quarter of 2009. GDP is expected to contract 7.8 percent on year following the 10.24 percent annual decline in the previous three months. Current account is expected to show a surplus of $9.35 billion following the $12.991 billion surplus in the first quarter.

Meanwhile, the Philippines central bank will announce its decision on interest rates, with analysts predicting that the bank will keep rates unchanged at the current 4 percent.

In addition, Malaysia will provide foreign reserves figures for the week ending August 15. Forecasts predict a surplus of $91.4 billion after a $91.16 billion surplus in the previous week.

Across the Atlantic, the U.S. Labor Department is due to release its customary weekly jobless claims report for the week ended August 15th at 8:30 am ET. Economists estimate claims to have eased to 553,000 in the week.

The Conference Board is scheduled to release a report on the U.S. leading index for July at 10 am ET. The consensus estimate calls for a 0.6% increase in the leading indicators index for the month.

At the same time, the results of the Philadelphia Federal Reserve's manufacturing survey are due out. Economists expect the diffusion index of current activity to show a reading of -2 for August.

Copyright(c) 2009 News.com, Inc. All Rights Reserved

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