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EM ASIA FX- Most Asian currencies steady, investors await Yellen's address
July 11, 2017 / 6:07 AM / a month ago

EM ASIA FX- Most Asian currencies steady, investors await Yellen's address

 (Adds details, updates prices)
    By Susan Mathew
    July 11 (Reuters) - Most Asian currencies traded sideways on
Tuesday as investors awaited clues on when the U.S. central bank
would tighten monetary policy from Federal Reserve Chair Janet
Yellen's two-day address to the congress.
    The U.S. dollar's advances against major peers slowed with a
pause in the rise of sovereign bond yields, and investor caution
ahead of Yellen's speech.
    Yellen is due to make a semi-annual testimony before the
U.S. Congress on Wednesday and Thursday, and dollar bulls are
banking on her to retain a hawkish stance, emboldened by last
Friday's relatively robust U.S. non-farm jobs report.

    Forex markets have remained calm amid a conspicuous lack of
fresh central bank cues and ahead of key earnings reports,
Mizuho Bank said in a note.
    Among regional currencies, the Taiwan dollar led
the gains, up 0.1 percent in thin trade.
    The Indian rupee rose 0.07 percent, gaining for the
fourth straight day, ahead of June consumer price inflation data
scheduled to be out on Wednesday.
    India's consumer inflation is expected to have slowed to a
record-low in June to 1.7 percent, pressured by a sharp drop in
food and oil prices, a Reuters poll showed, a result that could
intensify calls for an interest rate cut.       
    Meanwhile, the Thai baht hit its lowest in more
than a month, easing 0.1 percent.
    Bank of Thailand's assistant governor, Vachira Aromdee, said
on Tuesday, that the strength of the Thai baht is having a
limited impact on exports.
    The Chinese yuan was marginally lower for a sixth
session in seven, hurt by corporate dollar demand and a weaker
fixing.
    On Tuesday, the People's Bank of China resumed open market
operations, after a 12-sesion hiatus, injecting 40 billion yuan.

        
    PHILIPPINE PESO
    The Philippine peso fell 0.2 percent, hitting its
lowest since September 2006.
    "It is a combination of domestic politics and, on a
technical perspective, USD/PHP appears well supported above 50
level," says Andy Ji, currency strategist at Commonwealth Bank
of Australia. 
    Data on Tuesday showed that while exports rose for a sixth
straight month in May, the trade deficit widened for the month
from a year earlier.
    However, Ji said as long as overseas remittances stay
resilient, a widening in the trade deficit would not be a
problem as long as it remains a product of stronger domestic
demand.
    
    CURRENCIES VS U.S. DOLLAR
    
 Change on the day at 0529 GMT                      
 Currency                 Latest bid  Previous day  Pct Move
 Japan yen                114.410     114.03        -0.33
 Sing dlr                 1.385       1.3845        +0.00
 Taiwan dlr               30.546      30.585        +0.13
 Korean won               1151.100    1149.5        -0.14
 Baht                     34.120      34.081        -0.11
 Peso                     50.780      50.695        -0.17
 Rupiah                   13392.000   13396         +0.03
 Rupee                    64.480      64.53         +0.07
 Ringgit                  4.296       4.295         -0.02
 Yuan                     6.804       6.8030        -0.02
                                                    
 Change so far in 2017                              
 Currency                 Latest bid  End 2016      Pct Move
 Japan yen                114.410     117.07        +2.32
 Sing dlr                 1.385       1.4490        +4.66
 Taiwan dlr               30.546      32.279        +5.67
 Korean won               1151.100    1207.70       +4.92
 Baht                     34.120      35.80         +4.92
 Peso                     50.780      49.72         -2.09
 Rupiah                   13392.000   13470         +0.58
 Rupee                    64.480      67.92         +5.33
 Ringgit                  4.296       4.4845        +4.39
 Yuan                     6.804       6.9467        +2.09
 
    

 (Reporting by Susan Mathew in Bengaluru; Editing by Sam Holmes)
  
 
 

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