Sacha Tihanyi News
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Philippine bonds are losing favor among investors who are turning to Thailand, after 10-year peso yields tumbled below 3 percent to a record in this year’s best rally in Asia.
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Thailand’s baht fell, headed for its biggest weekly decline since 2008, on concern monetary authorities will intervene in the currency market and introduce measures to slow the pace of gains that hurt exports.
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At least three trading patterns show Thailand’s baht, this year’s best-performing Asian currency, is poised to fall as policy makers step up warnings that its rally to a 16-year high is stretched.
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The yuan fell, following its best week in six months, after the People’s Bank of China set the currency’s fixing at a level that prevents it from strengthening.
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The Philippine peso fell to the lowest level in almost six months as slowing Chinese economic growth fanned concern the global recovery is stalling, damping demand for emerging-market assets. Government bonds gained.
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The Australian and New Zealand dollars fell for a second day against the yen and sovereign bonds rose as Italy’s inability to form a government and Cyprus’s bailout damped demand for riskier assets.
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Canada’s dollar fell to the lowest level in a month versus the greenback after a government report showed the nation’s economy expanded at a slower pace in the third quarter than economists forecast.
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The gap in Canadian and U.S. benchmark interest rates is at a 15-year high based on the Taylor rule formula for determining optimal rates, signaling borrowing costs are poised to rise further in Canada.
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India’s rupee dropped the most in more than a week on concern slowing capital inflows will make it more difficult to finance the nation’s record current-account deficit.
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Canada’s dollar reached its strongest level in 2 1/2 years versus the greenback, capping a second straight annual advance, as oil at a 26-month high burnished the allure of currencies tied to global growth.
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