Southeast Asian central banks are using tools other than rate hikes to defend their currencies against the surging dollar as bets on higher-for-longer Federal Reserve rates take hold.

Dollar surge is bringing ‘pseudo tightening’ to Southeast Asia 

The ringgit continued its downtrend to push past 4.70 against the greenback on Wednesday amid concerns over the higher-for-longer US interest rate outlook, said an analyst.

Ringgit ends lower, hitting 4.70 against greenback as US bond yields soar

The ringgit fell against the US dollar on Wednesday morning as improving economic data support the greenback.

Ringgit fell against US dollar in early trade

The ringgit closed easier against the US dollar on better demand for the greenback as the US 10-year bond yields made new highs, said an analyst.

Ringgit ends easier against US dollar, stronger against other major currencies

Japan's finance minister said on Tuesday that authorities won't rule out any options in dealing with excessive currency volatility, underlining a warning that has kept traders on alert for intervention to prop up the weak yen.

Japan's finance ministry warns markets as yen nears intervention danger zone

The greenback is once more proving it’s the only haven that matters.

Treasuries are cratering — and sending other bond markets down — as a looming shutdown underscores the potential that US fiscal profligacy will spur issuance. With the Federal Reserve determined to keep interest rates higher for longer, investors are finding few places to hide apart from the world’s reserve currency.

US dollar emerges as best haven from govt shutdown fears

The US dollar hit an 11-month high against the Japanese yen on Monday and an almost 10-month high against a basket of currencies after the Federal Reserve (Fed) last week signalled that it could raise interest rates further and is likely to hold them higher for longer.

Yen hits 11-month low against US dollar, watched for intervention risk

The ringgit was little changed against the US dollar on Tuesday morning amid weak sentiment across Asian currencies and the ongoing China property market woes.

Ringgit opens little changed against US dollar

The ringgit closed higher against the US dollar and other major currencies on Monday, supported by rising oil prices, an economist said.

Ringgit ends higher against US dollar on firmer oil prices

Philippine central bank governor Eli Remolona signalled officials are intervening to defend the peso at the 57-per-dollar level to prevent the currency from weakening further.

Philippine central bank signals peso intervention at 57 a dollar

Thailand’s baht may be poised for a rebound as analysts bet that growth measures announced by newly appointed Prime Minister Srettha Thavisin will bear fruit.

Worst may be over for Thai baht as Srettha prioritises economy

The ringgit opened slightly higher against the US dollar on Monday morning on mild demand for the domestic note.

Ringgit opens slightly higher against US dollar, seen in narrow range on Monday

One year since former prime minister Liz Truss’s spending plans drove the pound to a record low, markets are again turning against the British currency.

One year since Truss-powered crash, ghost of weak pound is back 

The Malaysian ringgit is expected to trade range-bound with a downward bias against the US dollar next week as the greenback continues to gain support from the Federal Reserve (Fed)'s hawkish stance on the US interest rate, an analyst said.

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