* South Korean shares jump 2% * Taiwan's April CPI due later in the day * Malaysia rate decision due on Thursday By Ayushman Ojha May 7 (Reuters) - Most Asian equities markets continued a bullish run on Tuesday on the back of renewed bets for U.S. rate cuts after last week's cooler-than-expected jobs data, while the region's currencies were subdued despite a slightly weaker dollar. The Indonesian rupiah fell 0.2%, losing the ground it gained on Monday after data showed the country's economy in the first quarter grew at its fastest pace in three quarters. The Philippine peso was largely unchanged after country's annual inflation increased for a third straight month in April, backing the central bank's recent decisions to keep monetary policy restrictive. Regional markets are still cautious about the future path of U.S. interest rates as they have not seen a strengthening in Asian currencies even with U.S. yields falling, said Lloyd Chan, senior currency analyst at MUFG Bank. "The dollar is still attractive. It has a relatively higher carry compared to many Asian currencies, and the rate differentials is in favour of the U.S. and continues to weigh on the (regional) currencies," Chan added. The Thai baht and the Taiwanese dollar each fell by 0.2%. Taiwan is scheduled to report its April inflation numbers later on Tuesday. Bucking the regional trend, the South Korean won was 0.3% higher. Meanwhile, Asian stocks continued their rally on optimism from the Federal Reserve hinting at a dovish bias after last week's slower-than-expected job growth in U.S., which reinforced bets on rate cuts later in the year. Interest rates markets price at least one U.S. rate cut this year, in November. FEDWATCH MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3%. South Korean stocks surged as much as 2% after returning from a holiday on Monday, tracking Wall Street gains overnight. Taiwan shares rose as much as 0.8%, while stocks in Indonesia added as much as 0.3%. Singapore stocks rose as much as 0.3%, while Malaysian shares gained 0.8%, touching a fresh two-year high. Market participants now await Malaysia's key rate decision on Thursday. Philippine stocks were 0.2% lower after the inflation data. Meanwhile, the yen weakened 0.5% on Tuesday, after gains last week on suspected intervention from Japanese authorities to stop a sharp slide in the currency. HIGHLIGHTS: ** South Korea FX reserves log biggest monthly drop in 19 months on intervention ** Japan warns of action over rapid currency moves ** Thai finmin says ready to talk to c.bank chief on policy Asia stock indexes and currenc ies at 0425 GMT COUNTRY FX RIC FX FX INDE STOCK STOCK DAILY YTD X S S YTD % % DAILY % % Japan -0.43 -8.7 <.N2 1.45 15.92 3 25> China5 EC> India +0.00 -0.3 <.NS 0.03 3.30 3 EI> Indones -0.17 -4.0 <.JK 0.06 -1.82 ia 7 SE> Malaysi -0.06 -3.1 <.KL 0.67 10.55 a 6 SE> Philipp -0.03 -3.2 <.PS -0.18 2.95 ines 2 I> S.Korea 6 11> Singapo -0.08 -2.4 <.ST 0.08 2.02 re 3 I> Taiwan -0.18 -5.1 <.TW 0.33 14.83 6 II> Thailan -0.11 -7.0 <.SE 0.85 -2.42 d 5 TI> (Reporting by Ayushman Ojha in Bengaluru; Editing by Jamie Freed)
Delayed 05:21:17 19/05/2024 BST | 5-day change | 1st Jan Change | ||
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1.27 USD | 0.00% | +1.43% | - | ||
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0.6133 USD | 0.00% | +1.91% | - | ||
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