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Indonesia's rupiah fell on Wednesday after the country reported its first coronavirus-related death, while other Asian currencies traded in a thin range due to the uncertainty over proposed government measures to limit the economic impact of the epidemic.
The market has been hoping for concrete details of U.S. President Donald Trump's promise for "very major" stimulus moves, but the lack of an announcement has left investors hanging. could set the direction of risk appetite, and thus Asian currencies, in the short-term. Markets are trading day by day, assessing the severity and spread of COVID-19 globally," said Chang Wei Liang, an FX strategist at Mizuho Bank.
The dollar fell more than 1% against the safe-haven yen FRX/ .
In Indonesia, the central bank governor said the outlook for economic growth this year could be lowered when it holds its policy meeting next week. rupiah IDR=ID dropped 0.3% after the country confirmed its first death due to the virus.
The government had also pledged fiscal support to help stimulate the economy, but economists questioned how much additional spending could be provided, given weak revenue collection so far this year. is imperative that policy-makers collaborate to roll out coordinated measures that are emphatic; leaving no doubts about the constructive solidarity of the global response," Mizuho bank analysts said in a client note.
Financial markets took a pounding on Monday after Saudi Arabia and Russia's price war triggered an oil price crash and deepened the gash caused by the coronavirus epidemic to the global economy.
Elsewhere, the South Korean won KRW=KFTC was little changed against the dollar. The country reported a jump in cases on Wednesday, compared with a day earlier where it saw a decline in the rate of new infections. Philippine peso and Thai baht THB=TH also fell.
The Indian rupee INR=IN , emerging from a holiday on Tuesday, advanced 0.4% after losing close to 1% over the last three days. The Singapore dollar and Chinese yuan CNY=CFXS also gained.
The ringgit MYR=MY gained 0.3%. The country's newly appointed prime minister said his cabinet will form an economic action council to tackle serious issues affecting the country's economy such as the drop in global oil prices and the outbreak. VS U.S. DOLLAR AS AT 0635 GMT
Latest bid Previous day Pct Move Japan yen
+1.08 Sing dlr
+0.17 Taiwan dlr
-0.11 Korean won
Change so far in 2020
Latest bid End 2019
Pct Move Japan yen
+3.93 Sing dlr
-3.22 Taiwan dlr
+0.13 Korean won
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