Forex trends: Southeast Asian currencies show weakness against US dollar

Monday morning in Asia, most Southeast Asian currencies depreciated against the greenback as most of the markets in the Asia-Pacific region have turned weak after an early surge with participants turning cautious after news poured in about the conduct of a nuclear test by North Korea.

The Singapore dollar edged down to 1.4476 against buck during early Asian deals on Monday, with 1.45 seen as the near term support. USD/SGD pair closed Friday’s deals in New York at the level of 1.4424.

In early Asian deals on Monday, the Thai baht weakened against the dollar as the Thailand economy contracted more than expected during the first quarter. Thus, by about 11:25 pm ET THB slid to the level of 34.47, compared to last week’s closing value of 34.3550. The near term resistance for the pair was seen around 34.515. 

After hitting a high of 3.4750 at 7:55 pm ET early in Asia, the Malaysian ringgit reversed the direction and at about 11:05 pm ET edged down to 3.4930 against dollar. Late Friday in New York the pair was quoted as much as 3.4905. On the downside, the next target for MYR/USD rally was seen near 3.50 level. 

The Philippine peso, that closed Friday’s North American deals at the level of 46.87 against the greenback, deepened to 47.2150, with 47.35 seen as the near term support.

The South Korean won tumbled to 1269.30 against dollar during early Asian deals on Monday, setting the lowest point since May 18. 1273.4 was seen as the next downside target. The pair closed Friday’s New York deals at the level of 1242.30. 

During early Asian trading on Monday, the Taiwan dollar slipped to 32.6645 against the U.S. dollar, compared to Friday's closing value of 32.60. The near term resistance point for USD/ TWD was seen around 32.77.

The Indian rupee dropped to 47.3950, setting a 4-day low, that may be compared to last week close at 46.83. On the downside, USD/INR was likely to touch 48 point. 

At the same time, Chinese yuan revealed strengthen against the US currency, climbing to 6.8225 level, with 6.817 seen as the next resistance point. USD/CNY closed Friday’s trading in New York at the level of 6.8275