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US Dollar Outlook: USD/SGD, USD/THB, USD/PHP, USD/IDR May Fall on Dovish Fed Speak
2021-05-10 03:00:00
Daniel Dubrovsky,
Strategist
US Dollar, Singapore Dollar, Thai Baht, Indonesian Rupiah, Philippine Peso, Indian Rupee, ASEAN, Fundamental Analysis – Talking Points
US Dollar sinks against ASEAN currencies as jobs report miss bolsters sentiment
Fed speak eyed, dovish talks could undermine an unexpectedly strong CPI print
Philippine Central Bank, Indian and Chinese inflation data are also in focus
US Dollar ASEAN Weekly Recap
The haven-oriented US Dollar largely underperformed its ASEAN counterparts this past week. The Singapore Dollar, Indonesian Rupiah and Philippine Peso strengthened. Gains were also observed in the Indian Rupee amid a glut of Greenback in the banking system amid a tax dispute. Market sentiment notably improved, with the MSCI Emerging Markets Index rising by 1.32%.
The US Dollar is still struggling against most ASEAN currencies. USD/SGD remains downside-focused despite recent gains. USD/THB is eyeing a triangle. USD/IDR and USD/PHP may point lower.
XRP retraces in the daily chart. Source: XRPUSDT Tradingview
Many exchange platforms expected the worst and delisted the token. Other Ripple deals also were negatively impacted, such as its cooperation with MoneyGram and payment corridors established with payment solution On-Demand Liquidity. These corridors are used for foreign workers to send remittances back to their home countries and other use cases based on the token.
In consequence, liquidity volumes on these platforms plummeted, but are showing signs of recovery. Monitor Liquidity Index Bot has registered a spike on this metric on 3 out of the 4 payment corridors except for the one set between the then token and PHP (Philippine Peso).
Dubai: Remittances from the UAE are seeing a surge as several, particularly South Asian currencies, were losing ground in the past weeks. But will remittance-beneficial currency trend continue?
When it comes to sending money back home, it is vital to know whether it is currently an ideal time to remit. To understand whether it is or isn’t, one should first find out if your currency back home is expected to rise or fall in the days to come.
According to statistics, South Asians, which – among others – include people from India, Pakistan and the Philippines, and make up nearly 60 per cent of the UAE population. So, it would be financially beneficial to regularly analyse currencies of the above countries, be it – the Rupee or the Peso.