In view of analysts at ING, Asian investors are likely to offload risk assets today as the Fed begins its two-day meeting with traders wary that more monetary tightening will further derail the fragile growth story in the US, which would eventually affect the global economy.
Key Quotes
“Indonesia: Indonesia saw its trade deficit widen further with exports contracting while imports sustained their double-digit expansion.
With the trade gap swelling, IDR came under pressure with Bank Indonesia supporting the currency by intervening in the spot market, according to BI executive director Nanang Hendarsah.”
“Philippines: The Philippine central bank reported Overseas Filipino (OF) remittance growth for the month of October which moved past market expectations to post an 8.7% gain.
Should cash sent home from middle east region remain in the red, overall OF remittance flows are expected to remain subdued, causing the PHP to struggle given its dependence on these flows for support.”
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