Wednesday, most Southeast Asian currencies declined against the U.S. dollar on the back of weak Asian equities. The South Korean won plunged to a 3-week low and the Indian rupee fell to a 9-day low.

Meanwhile, the currencies of Singapore, Thailand, Malaysia and Taiwan slumped to 2-day lows.

On the other hand, the Pakistan rupee soared to a 6-day high against the dollar and the Philippine peso recovered from a 2-day low against the dollar.

Asian markets are trading lower today with the negative close on Wall Street overnight on weak economic reports hurting sentiment to an extent. Profit taking after recent gains is also contributing to the weakness in the region. Despite bouncing back after an early setback, some of the markets are seen struggling to hold at higher levels due to lack of support.

The U.S. Commerce Department reported yesterday that housing starts rose by much less than economists had expected in the month of September. Housing starts rose by 0.5 percent to an annual rate of 590,000 in September from the revised August estimate of 587,000. Economists had expected starts to rise to 610,000 from the 598,000 originally reported for the previous month.

Additionally, the report showed that building permits, an indicator of future housing demand, fell 1.2 percent to an annual rate of 573,000 in September from the revised August rate of 580,000. The drop in building permits came as a surprise to economists.

Also, the Labor Department revealed that producer prices fell 0.6 percent in September, while economists were looking for producer prices to slip by 0.3 percent. Core prices, which exclude the volatile food and energy sectors, edged down by 0.1 percent for September, while economists had anticipated an increase of 0.1 percent.

Yesterday's economic news largely extinguished optimism that came following a string of positive earnings reports from corporate stalwarts Apple (AAPL), Caterpillar (CAT) and Texas Instruments (TXN), among others.

After a brief uptrend, the Singapore dollar declined against the US currency in early Asian deals on Wednesday. The pair moved from 1.3941 to 1.3976 at 10:10 pm ET. This set a 2-day low for the Singapore dollar. On the downside, 1.399 is seen as the next target level for the Singapore dollar. At yesterday's close, the pair was quoted at 1.3956.

During early Asian trading on Wednesday, the Thai baht declined to a 2-day low of 33.53 against the U.S. dollar. The next downside target level for the Thailand currency is seen at 33.695. The dollar-baht pair was worth 33.4250 at yesterday's close.

The Malaysian ringgit that closed yesterday's trading at 3.3675 against the US dollar fell to a 2-day low of 3.40 in early Asian deals on Wednesday. If the Malaysian currency drops further, it may target the 3.420 level.

The Philippine peso that slipped against the dollar in early Wednesday Asian deals reversed direction after hitting a 2-day low of 47.27 at 9:40 pm ET. At present, the dollar-peso pair is worth 46.49, compared to yesterday's closing value of 46.61. If the Philippine peso advances further, it may target the 46.25 level.

In early Asian trading on Wednesday, the South Korean won plummeted to a 3-week low of 1184.10 against the US dollar. The next downside target for the Korean currency is seen at the 1189 level. The dollar-won pair closed yesterday's deals at 1161.10.

Wednesday, the Indian rupee opened lower against the US dollar. Currently, the rupee is trading at a 9-day low of 46.5350 per dollar with 46.685 seen as the next target level. The dollar-rupee pair closed yesterday's deals at 46.1250.

The Pakistan rupee that closed yesterday's trading at 83.35 against the US dollar strengthened to a 6-day high of 82.86 in early deals on Wednesday. If the Pakistan currency rises further, it may target the 82.76 level.

In early Asian trading on Wednesday, the Taiwan dollar slumped to a 2-day low of 32.3870 against the US currency. The next downside target level for the Taiwan dollar is seen at 32.40. The pair was worth 32.2850 at Tuesday's close.

Looking ahead, Malaysia will provide consumer price index data for September. Analysts are expecting the rate to decline 2 percent on year following the 2.4 percent annual contraction in the previous month.

Meanwhile, the Thailand central bank is scheduled to announce its interest rate decision. Analysts expect the bank to keep rates on hold at the current 1.25%.

Thailand will also release imports, exports and trade balance report for September. Exports are seen lower by 15.9 percent on year following the 18.4 percent annual decline in August. Imports are called lower by 27.8 percent on year after the 32.8 percent annual contraction in the previous month. The trade balance is predicted to show a surplus of $2.29 billion after posting a $2.08 billion surplus a month earlier.

The U.S. Federal Reserve is due to release its Beige Book, which is a compilation of anecdotal evidence on economic conditions from each of the 12 Federal Reserve districts, at 2 pm ET. The report is normally released about two weeks before the monetary policy meeting is held.

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