Back
20 Jun 2013
Flash: Asia lower on Bernanke - BofA and Merrill Lynch
FXstreet.com (London) - Alexandra Fletcher at BofA and Merrill Lynch notes that Asian shares fell sharply in early morning trade after the Fed Chairman Ben Bernanke said the central bank could taper its stimulus measure should the US economy show continued improvement.
He said that weak Chinese flash PMI, which came in at 48.3 for June also weighed on stocks and the Philippine and Indonesian equities lost 2.6% and 2.1%, respectively. He mentions that Asian currencies continued to depreciate against the dollar with the MYR leading the decline at -1.5%. The IDR, however, was an exception and gained 0.46% against the greenback. He notes that eyes will be on Taiwan export orders and Hong Kong CPI for the month of May and focus in EEMEA will be on CBE rates decision in Egypt.
He said that weak Chinese flash PMI, which came in at 48.3 for June also weighed on stocks and the Philippine and Indonesian equities lost 2.6% and 2.1%, respectively. He mentions that Asian currencies continued to depreciate against the dollar with the MYR leading the decline at -1.5%. The IDR, however, was an exception and gained 0.46% against the greenback. He notes that eyes will be on Taiwan export orders and Hong Kong CPI for the month of May and focus in EEMEA will be on CBE rates decision in Egypt.