Reuters logo
EM ASIA FX-Asian currencies firm in narrow trade; yuan eases after 4-day rally
June 2, 2017 / 6:01 AM / 4 months ago

EM ASIA FX-Asian currencies firm in narrow trade; yuan eases after 4-day rally

 (Adds details, updates prices)
    By Ambar Warrick
    June 2 (Reuters) - Asian currencies held mostly steady in
tight range trade against a firmer dollar on Friday, while the
Chinese yuan snapped four straight sessions of gains
as tight offshore liquidity eased.
    Investors refrained from making major trades ahead of
non-farm payrolls data from the United States due later on
Friday, which could bolster the odds for an interest rate rise
in June. A solid number will support the outlook for another
rate hike by the year-end, likely in September.
    "The U.S. wage data is partially the reason why markets have
been subdued in Asia this morning, as it could cement a rate
hike in June and support the dollar, which would cause Asian
currencies to retreat," said Khoon Goh, head of Asia research at
Australia and New Zealand Banking Group in Singapore.
    "There isn't much of a lead for Asian currencies today." 
    A Reuters poll showed that the United States added about
185,000 jobs in May.         
    The yuan edged down about 0.1 percent to 6.8142 against the
dollar, but hovered around the near seven-month highs it hit on
Thursday. The currency stands to gain about 0.57 percent this
week, although it traded only for three days.
    "The yuan's fixing came in broadly as expected, so there
weren't any strong signals from Chinese authorities to push the
yuan any higher," Goh said. "We're seeing a bit of unwinding in
the strength displayed so far."
    The South Korean won rose about 0.12 percent,
while the Taiwan dollar inched 0.03 percent higher.
South Korean and Taiwanese stocks rose on Friday in line with 
broader Asia as equities tracked a strong finish on Wall Street
on Thursday.
    "U.S. equities had a good session overnight, so that might
be translated into equity driven markets like the Korean won and
the Taiwan dollar," Goh said.
     U.S. stocks advanced on Thursday after a batch of economic
data suggested the economy was picking up speed.
     The Malaysian ringgit rose about 0.18 percent.
Foreign portfolio investors were reported saying they would come
back to Malaysia's markets, six months after many of them
revolted against the central bank's crackdown on the offshore
ringgit trading market.
    The ringgit stands to lose about 0.27 percent this week
after gaining for the previous two weeks consecutively.
    
    RUPIAH AND RUPEE
    The Indonesia rupiah rose about 0.13 percent on
Friday, while the Indian rupee was 0.1 percent higher. 
    Indonesia's annual inflation rate climbed again in May to
reach the highest in 14 months, data from the statistics bureau
showed on Friday, but the increase was slightly less than
expected.
    India's Nifty 50 Index rose as much as 0.6 percent
on Friday to a record high, also clocking its biggest intraday
percentage gain in a week. The country's benchmark BSE index
 was also at a record high.
    
    CURRENCIES VS U.S. DOLLAR
    
  Change on the day at                                       
        0511 GMT                                   
  Currency               Latest bid  Previous day    Pct Move
  Japan yen             111.610            111.34       -0.24
  Sing dlr              1.386              1.3858       +0.01
  Taiwan dlr            30.108             30.117       +0.03
  Korean won            1120.700             1122       +0.12
  Baht                  34.160             34.138       -0.06
  Peso                  49.725              49.75       +0.05
  Rupiah                13304.000           13321       +0.13
  Rupee                 64.403              64.47       +0.10
  Ringgit               4.279               4.286       +0.18
  Yuan                  6.814              6.8062       -0.11
                                                             
  Change so far in                                           
 2017                                              
  Currency              Latest bid   End 2016        Pct Move
  Japan yen             111.610            117.07       +4.89
  Sing dlr              1.386              1.4490       +4.57
  Taiwan dlr            30.108             32.279       +7.21
  Korean won            1120.700          1207.70       +7.76
  Baht                  34.160              35.80       +4.80
  Peso                  49.725              49.72       -0.01
  Rupiah                13304.000           13470       +1.25
  Rupee                 64.403              67.92       +5.46
  Ringgit               4.279              4.4845       +4.81
  Yuan                  6.814              6.9467       +1.95
 
    

 (Reporting by Ambar Warrick in Bengaluru; Editing by Jacqueline
Wong)
  
 
 

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below