Asian currencies were subdued on Thursday as the US dollar strengthened, driven by improving prospects of a Donald Trump presidency and solid US economic data, which suggested a smaller-than-expected rate cut. The Malaysian ringgit fell 0.4%, and the South Korean won dropped 0.3%.
Meanwhile, Thai equities gained 0.7%, reaching a one-year high following the Bank of Thailand's (BOT) surprise 25-basis-point rate cut on Wednesday. However, the Thai baht edged 0.1% lower. BOT clarified that the rate cut did not signal the start of an easing cycle.
Other regional currencies also saw mixed performance. The Indonesian rupiah rose slightly by 0.1%, while Philippine and Indonesian central banks took different approaches: the former cutting rates by 25 basis points, and the latter keeping rates unchanged.
Despite fluctuations in regional currencies, stocks in Indonesia, Singapore, and Taiwan rose. In contrast, Chinese equities fell 0.7% as investors awaited China's third-quarter GDP data.
Taiwan's TSMC reported a 54% jump in third-quarter profit, but its stock fell nearly 1% in Thursday’s session.
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