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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Challo Jeregy who wrote (24668)	9/2/1999 11:40:00 PM
From: Zardoz	Read Replies (2) \| Respond to of 99985

This what you are looking for? ASIA FOREX -- Regionals head lower in thin trade 0150 GMT - Regional currencies were mostly lower in early Asia as the dollar looked set to hold above recent lows after rumours of intervention put pressure on the yen. Traders in Tokyo said sentiment on the dollar was still bearish as U.S. asset markets suffered under growing speculation the Federal Reserve would hike interest rates again. Rumours of dollar-supporting intervention swirled through the market overnight on vague talk the European Central Bank had bought large amounts of dollar/yen on the electronic brokerage system. Dealers in the United States were inclined to dismiss the rumours, but did note that this was a U.S. holiday weekend and that the Bank of Japan had used such occasions in the past to intervene. * The rupiah was weaker in thin trade, though its decline was expected to be cushioned by state bank dollar sales. But trade remained quiet as dealers eyed escalating violence in East Timor and the smouldering Bank Bali scandal. Foreign journalists joined an exodus of panicked locals to flee East Timor on Thursday amid widespread rumours that Indonesian militiamen were going to target them. Pro-Jakarta militias killed two locals working for the United Nations (U.N.) on Thursday, one day after vote-counting for Monday's referendum on independence got underway. Indonesia, pressured by the international community to stem violence in the former Portuguese colony, has hinted it would let a U.N. force attempt to keep the peace. The Bank Bali scandal took another turn on Thursday after a top Indonesian council agreed to give parliament sweeping powers to probe the case, which centres on a large fee paid by Bank Bali to a firm run by a senior ruling Golkar official to recover loans. The move gives parliament wide-ranging powers to investigate, including questioning President B.J. Habibie over the issue. * The won opened weaker amid short-covering by local banks, with dealers in Seoul saying the currency was likely to remain soft throughout the day. Also weighing on sentiment were concerns of a stock manipulation probe into Hyundai group executives, which has fuelled share sales by foreign investors. Daewoo Group's debt woes were another factor dealers were watching, with local newspapers reporting that Daewoo creditors planned to sell their 16.5 percent share in Korea Merchant Banking, in which it holds the largest share. Separately, the Korea Herald reported the Financial supervisory Commission chairman Lee Hun-jai as saying that Daewoo Heavy Industries could be separated from the parent group within the month. * The baht was unchanged in early trade but Bangkok dealers said they expected it to touch 39 per dollar amid commercial demand for dollars and technical factors. Dealers said the baht's recent drop to 11-month lows against the dollar was due more to technical factors, such as offshore interest rate arbitrage and Y2K concerns, than fundamentals. But concerns about the troubled financial sector have also weighed on Thai markets after Thai Farmers Bank said it could no longer support its finance unit, Phatra Thanakit Co. Bank of Thailand governor Chatu Mongol Sonakul said on Thursday that his bank had no plan to intervene in the market to shore up the baht. He also said the authorities might inject only up to six billion baht of bailout funds into Phatra Thanakit. * The Taiwan dollar was slightly easier after central bank intervention on Thursday capped its recent rise against the dollar. Dealers said the central bank had intervened from time to time to prevent sharp rises in the currency which can undermine the island's export competitiveness. Taiwan is due to release August inflation numbers on Monday. A Reuters poll shows that economists forecast an average annual rise of 0.2 percent for the August Consumer price index (CPI) -- below an already slow 0.27 percent average shown in the first six months. CURRENCIES VS U.S. DOLLAR Change on the day#N/A N/AGMT Currency...Latest bid....Prev Close....Pct Move Ringgit.....3.7999.......3.8000.........0.00% Rupiah......7800.00......7750.00.......-0.64% Baht........38.76........38.80..........0.10% Peso........39.81........39.76.........-0.13% Sing dlr....1.6862.......1.6825........-0.22% Taiwan dlr..31.780.......31.775........-0.02% Korean won..1193.90......1190.00.......-0.33% Japan yen...109.66.......109.25........-0.37% Change since start of Asia crisis Currency.....Latest......July '97......Pct Move Ringgit......3.7999.......2.5200......-33.68% Rupiah.......7800.00......2432.00.....-68.82% Baht.........38.76........25.90.......#VALUE! Peso.........39.81........26.50.......-33.43% Sing dlr.....1.6862.......1.4300......-15.19% Taiwan dlr...31.7800......27.7500.....-12.68% Korean won...1193.90......842.00......-29.47% Japan yen....109.66.......114.40........4.32% biz.yahoo.com charts.quotewatch.com