The Malaysian ringgit led Asian currencies higher as the dollar faltered after Australian jobs data boosted investor optimism about the world economy, but gains in the peso and baht were curbed by central banks. South Korea's authority was seen intervening to curb the won's rally after Australia's stronger-than-expected employment data supported optimism and led investors to dump the US dollar.
RINGGIT, S'PORE DOLLAR: The ringgit jumped 0.8 percent to 3.388 per dollar, its highest since August 2008, while the Singapore dollar followed the firmer tone. "US dollar/Singapore dollar broke lower after the shocking Australian jobs data. It was the same story for US dollar/ringgit," said a Kuala Lumpur-based trader. Singapore dollar gains 0.4 percent to 1.3935 to the US dollar, highest since early 2008, but traders saw no sign of the central bank, which was seen intervening on Wednesday to defend the key 1.4 level.
PESO: The gained a third of a percent to 46.45 per dollar, highest so far this year, but it faced strong resistance at the level at which the central bank was seen defending. "BSP (the central bank) is soaking up all the dollar selling at the year-low level," said a Manila-based dealer, who estimated the central bank bought $350-400 million.
BAHT: The baht rose a fifth of a percent to a new 14-month high at 33.28 per dollar as the central bank bought dollars. The bank said the currency was rising too fast and that it would continue to intervene, prompting the baht to steady near 32.29. Still, the baht has gained 2 percent against dollar since early September as foreign money flows into the stock market.