The Mighty US Dollar, Asia's Regional Currencies Weaken Throughout 2024
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The United States dollar (USD) has demonstrated its strength against other currencies worldwide. This is reflected in the US Dollar Index (DXY), which rose 6.78% year-to-date (ytd) to 108.2 in Thursday's (19/12/2024) transactions.
Several factors contributed to this. Increased perceived uncertainty in the global market following Donald Trump's election as President of the United States for the 2025-2029 term. Ongoing conflicts in the Middle East, coupled with escalating political tensions in South Korea, fueled the appreciation of the US dollar against major world currencies. This resulted in a downturn for regional currencies, particularly in Asia.
Data from Asia Bond Online (based on Bloomberg data as of 18/12/2024) shows that the South Korean won (KRW) depreciated the most against the US dollar, by 10.24% ytd.
Following the won, the Japanese yen (JPY) depreciated by 8.89% (ytd), the Philippine peso (PHP) weakened by 6.15% (ytd), the Lao kip (LAK) fell by 6.04% (ytd), and the Vietnamese dong (VND) weakened by 4.56% (ytd).
Similarly, the Indonesian rupiah (IDR) depreciated by 4.34% (ytd), followed by the Brunei dollar (BND) weakening by 3.14% (ytd), and the Singapore dollar (SGD) weakening by 3.14% (ytd). The Chinese yuan (CNY) fell by 2.55% (ytd), the Thai baht (THB) weakened by 0.78% (ytd), and the Myanmar kyat (MMK) also fell by 0.03% (ytd).
Meanwhile, the Hong Kong dollar (HKD) strengthened by 0.53% (ytd), the Cambodian riel (KHR) appreciated by 1.61% (ytd), and the Malaysian ringgit strengthened by 2.78% (ytd).
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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