Asian FX flat

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    Asian currencies were flat to higher against a marginally weaker dollar, with this week’s focus firmly on the US Federal Reserve’s policy announcement on Wednesday after the world’s major central bank recently shifted its policy stance to lower rates for longer.

    Taiwan’s dollar advanced the most on the dollar, followed by South Korea’s won strengthening 0.3 percent.

    Major currencies were treading water on Monday.

    The dollar was mostly steady against the yen at 106.11, a long distance from its low this year of 101.2.

    The euro was flat at $1.1849. The Aussie was barely changed at $0.7285 while Sterling was a tad higher at $1.2823.

    The rupiah, which underpins one of Asia’s most popular bond markets for foreign investors and has been under pressure for the past two weeks, dipped 0.1 percent while 3-year bond yields fell more than 27 basis points ahead of a central bank policy meeting this Thursday.

    Fears that a parliamentary panel’s recommendations for changes to Bank Indonesia will make it more susceptible to government interference have been at the heart of the currency’s recent troubles, at a time when the economy is struggling with a surge in coronavirus numbers.

    New daily cases in the country have topped 3,000 for six days running.