The Asian currencies were solid against the US. Dollar on Monday after the release of weak economic data strengthen the view the US. interest rates should remain steady for the moment. U.S data revealed that the US. economy grew at an annualized rate of 1.6 percent in the third quarter which is its slowest rate in more than three years due to a falling housing market. This fall led to fresh gains for the Asian currencies in forex and also followed multi week highs in foreign investment inflows.
''Dollar/Asia downside momentum appears apt to follow through today, with the below consensus US GDP print again raising market doubts to future Fed tightening,'' analysts at JPMorgan said in a statement.
In forex trading with the Japanese Yen, it rose one percent from the level it traded on Friday at about 117.50 Yen per Dollar. Forex with the South Korean Won rose to a one month high to 942.60 per Dollar. Forex with the Singapore Dollar hovered at about 1.5580 per Dollar and forex trading with the Philippine Peso gained about one fifth of a percent to 49.73 to the US. Dollar, which is its highest in more than four years.
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