Asian currencies: Thai baht falls against dollar
Overall, Asian currencies gained on a weak dollar while equities fell.
Thailand's currency fell 0.3% to 32.825 per US dollar after rising 0.5% earlier in the day. Equities in Bangkok traded 0.3% lower.
Pichai Naripthaphan, the country's commerce minister, said he wanted a weaker baht to support exports and that a level of 36-37 per US dollar was more suitable.
The minister said that Thailand's exchange rate policy was not part of ongoing trade negotiations with the United States.
'The intraday reversal likely reflects how sensitive FX markets are to verbal intervention. When a senior policymaker explicitly says the currency needs to weaken, markets take that as a green light,' said Mohit Mirpuri, equity fund manager at SGMC Capital.
'While fundamentals like tourism recovery and current account surplus support the baht medium term, these types of comments can dampen momentum short term.'
The Philippine peso was only marginally higher as mounting political uncertainty in the country capped gains, while stocks fell as much as 1.7% to hit their lowest level since April-end.
Political instability has deepened in the Philippines after President Ferdinand Marcos Jr. asked for the resignation of his entire cabinet, following a lackluster performance by his allies in last week's Senate elections.
Maybank analysts see support for the peso, including rising inflows, as the country's economy remains relatively sheltered.
Meanwhile, the central bank of Sri Lanka surprised markets with a 25-basis-point rate cut in a bid to support growth in a country facing lingering economic issues.
The Sri Lankan rupee inched higher while equities in Colombo jumped as much as 0.9% to hit their highest since March 3.
Among other currencies, the Indonesian rupiah, Taiwan dollar and its Singaporean counterpart gained up to 0.4%, 0.3% and 0.1%, respectively.
'Asia EM FX has mainly been lifted by market perception that the US is looking for a weaker dollar versus Asian currencies, as part of its efforts to address its deep trade imbalances with several Asian economies,' said Lloyd Chan, FX strategist at MUFG.
Stocks in Taiwan, Singapore and South Korea slipped 0.6%, 0.1% and 1.2%, respectively.
Investor focus remained on US President Donald Trump's tax bill, set for a congressional vote this week.
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A critical event can be defined as any threat, unanticipated incident, or negative disruption with the potential to impact an organization's people, property, or business processes. Being prepared to respond to and recover from a critical event requires a sophisticated crisis management plan. Prioritizing crisis management also helps organizations mitigate the secondary consequences of critical events. Establishing a plan can help organizations move from a position of reactivity to proactively safeguarding against all the effects a critical event can have on an organization." The concept of strategic crisis management can only be understood and applied in a society which is educated and enlightened and possess analytical skills and critical thinking. When concepts like strategy, crisis and management are rooted in the mindset of people, one can expect a country to deal with issues that pose threat to its survival. For example, economic predicament of Pakistan is a perennial issue. 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