* Peso weakens most since Dec. 5 * South Korean won top loser among Asian FX * GoTo shares hit record low, down 6.5% By Roushni Nair Dec 12 (Reuters) – Most Asian currencies weakened on Monday, with the Malaysian ringgit and Indonesian rupiah leading losses, as investors await U.S. consumer inflation data for clues on policy tightening path ahead of the Federal Reserve policy meeting later in the week. Malaysia's ringgit depreciated 0.4% to its lowest in over a week, while Indonesia's rupiah weakened 0.4% to its lowest since Nov. 30. Stocks in Kuala Lumpur retreated 0.5%, while those in Jakarta dropped 0.4% led by heavy selling in Indonesia's biggest tech firm PT GoTo Gojek Tokopedia which has fallen by over 75.6% since its initial public offering in April. GoTo President Patrick Cao on Thursday flagged that the share price, which has slumped 38.4% in the past seven days, has been affected by macroeconomic conditions and other factors out of the company's control. The U.S. dollar index, which measures the currency against six major peers, eked out a 0.04% gain at 105.09. As concerns over a potential recession grow, investors are considering how the U.S. inflation print due on Tuesday will affect the Fed's interest rate hike trajectory over the coming months. The Fed on Thursday will announce its decision on interest rates followed by a statement. Vishnu Varathan, head of economics and strategy at Mizuho Bank, opined core services inflation may "remain uncomfortably sticky even as core goods inflation eases", making it a cause of concern for the Fed. "For now though, the critical thing is that markets are eager to correlate any inflation pullback with an impending 'Fed pivot'," Varathan said, adding the Fed may deliver a 50 basis point (bps) hike on signs of non-accelerating inflation. However, the concern now should no longer be the pace of the hike, but the peak and the persistence of it, considering there is a risk of a hawkish jolt as markets have stretched the pivot bet a tad too far, he added. Regional investors exercised caution ahead of the Fed decision, as well several regional central bank meetings over the week: The Philippine central bank is expected to deliver a 50 bps hike on Thursday, according to Barclays, while Taiwan's central bank is expected to move 12.5 bps on the same day. "Headline inflation has started moderating in most of the region's economies, but still-steady core inflation should keep central banks closer to the hawkish, rather than dovish, end of the policy spectrum," analysts at Barclays said in a note. The peso depreciated 0.3%, while stocks in Manila gained 0.2%. Elsewhere, the Indian rupee fell 0.5%, Singapore dollar dipped 0.2%. Stocks across the region were mixed: Shanghai and Seoul down 0.6%, Mumbai slipped 0.5% while Singapore traded flat. Markets in Thailand were closed on account of a public holiday. HIGHLIGHTS: ** Indonesian 10-year benchmark yields fall 1.2 basis points to 6.946% ** U.S. Nov producer price index for final demand rose 7.4% y-o-y Asia stock indexes and currencies at 0402 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCKS DAILY % YTD % DAILY YTD % % Japan -0.19 -15.8 <.N225 -0.26 -3.1 9 > China -0.30 -8.97 <.SSEC -0.63 -12.45 > India -0.40 -10.0 <.NSEI -0.65 5.89 1 > Indonesia -0.37 -8.89 <.JKSE -0.22 1.80 > Malaysia -0.32 -5.69 <.KLSE -0.30 -4.21 > Philippines -0.29 -8.14 0.16 -7.47 S.Korea -0.80 -9.39 <.KS11 -0.63 -20.27 > Singapore -0.16 -0.43 0.00 3.91 Taiwan -0.29 -9.88 <.TWII -0.89 -20.00 > Thailand +0.00 -3.98 <.SETI 0.16 -2.08 > (Reporting by Roushni Nair in Bengaluru; Editing by Christian Schmollinger)
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