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Posted by on June 9, 2008, 10:34 pm
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ao6gnj3ARRok
OCBC's Tanuwidjaja Says Investors Jittery on Oil Prices, Dollar
By Shanthy Nambiar
June 9 (Bloomberg) -- Enrico Tanuwidjaja, an economist at Oversea-
Chinese Banking Corp. in Singapore, comments on oil, Asian currencies
and the U.S. dollar.
The baht fell 0.8 percent to 33.40 per dollar as of 10:45 a.m. in
Bangkok, according to data compiled by Bloomberg. It touched 33.44
earlier, the weakest since Jan. 7.
On oil:
``The whole sentiment has turned bearish on emerging market assets.
There is jitteriness over oil prices and the dollar. As long as there
is imported inflation in Thailand, sentiment is quite guarded over the
baht.
``There are two fronts, politics and economies that have been
interplaying since last Friday. Reports that Israel is going to hit
Iran's nuclear installation have limited investors' bullishness on the
dollar. There were positive moves in the dollar in several sessions
last week. Now people are starting to price in further supply
disruption in oil. The U.S. employment number of 5.5 percent has
dragged equities down, the triple three, the Dow Jones, the Standard &
Poor's and Nasdaq.
On baht, rupiah:
``Asian currencies that have big sensitivities to oil, like the
Philippines peso and the Indonesian rupiah,'' are falling, Tanuwidjaja
said.
``The Indonesian central bank has been in the market. It looks quite
scary because the stock market is already down since the opening. The
central bank will keep supporting,'' the rupiah. The currency will
trade between 9,325 and 9,380 this week, Tanuwidjaja said.
``The Thai government is still supportive of the exporters' side. I
don't think they would mind seeing slight weakening in the baht.'' The
currency declined because of the ``oil shock over the weekend,'' he
said. The baht may fall to 33.50 this week, Tanuwidjaja said.
To contact the reporter for this story: Shanthy Nambiar in Bangkok at
snambiar1@bloomberg.net or
Last Updated: June 9, 2008 00:12 EDT
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