The currencies of several emerging Asia-Pacific countries are affected by fears related to the slowdown of the economy China, their main commercial partner. The Philippine peso, the Indonesian rupiah and the Malaysian ringgit hit quarterly lows against the dollar this week. The Thai baht and even the Australian dollar are trading at one- or two-month lows these days.
The downward trend of regional currencies has continued since the end of 2023: in recent weeks the baht and the Australian and New Zealand dollars have lost around 4 percent against the dollar, while the South Korean won has lost 3 percent. The euro, on the other hand, depreciated by 1,6 percent, and the pound by just 0,3 percent.
They contribute to the general trend investors, who are buying dollars in anticipation of a downward revision of interest rates by the US Federal Reserve.
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