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EM ASIA FX-Asian currencies shaken by geopolitics, Philippine peso bucks trend
April 10, 2017 / 5:29 AM / 7 months ago

EM ASIA FX-Asian currencies shaken by geopolitics, Philippine peso bucks trend

    * Korean won, Taiwan dollar, Singapore dollar edge lower
    * Taiwan dollar loses for a seventh straight session
    * Philippine peso at its highest since early Feb

 (Adds details, updates prices)
    By Rushil Dutta
    April 10 (Reuters) - All Asian currencies besides the
Philippine peso were weaker on Monday as heightened geopolitical
tension weighed on investor sentiment, turning their focus
towards safe assets.
    The Korean won, down 0.67 percent, fell for a
fifth straight session and was the biggest loser in the region.
    The won, which has weakened on growing concerns over North
Korea's weapons programme, was further dented after a U.S.
official said a U.S. Navy strike group will be moving toward the
Korean peninsula as a show of force.
    "The KRW (won) looks susceptible to further losses,
especially if geopolitical tensions escalate," ANZ said in a
    The U.S. Navy move comes after the United States last week
struck a Syrian air base in retaliation for a Syrian chemical
weapons attack, triggering a rally in safe haven assets and
pushing up oil prices.
    Asian stocks excluding Japan also slipped in
the risk-off environment, falling on Monday for a third
consecutive session.
    The Taiwan dollar fell for a seventh day against
the dollar, while the Singapore dollar, down 0.23
percent, saw its fifth straight session of losses.
    The U.S. dollar, which rose 0.1 percent to a
three-week high, was bolstered by a key U.S. Federal Reserve
official reinforcing the central bank's commitment to raising
interest rates.
    Major U.S. indexes, however, closed lower after a key jobs
report on Friday showed the economy only added 98,000 jobs in
March, well below economists' expectation of 180,000.

    The Philippine peso bucked the trend by rising on
strong net inflows to the Philippine equity market during the
past week.
    The peso was up 0.65 percent against the dollar to its
highest since early February.
    "The rise of inflows is likely due to temporarily eased
concerns about political instability," said Amy Yuan Zhuang,
Nordea Markets' chief analyst.
    "Investors are looking past [President Rodrigo] Duterte's
controversial statements and are instead focusing on what he
might achieve on the economic agenda."
    Thousands have died in Duterte's controversial war on drugs
which and his incendiary tirades against some world leaders and
international regulatory bodies have added to uncertainty in the
Philippines' political sphere.
 Change on the day at   0430 GMT                        
 Currency                     Latest bid  Previous day  Pct Move
 Japan yen                    111.380     111.05        -0.30
 Sing dlr                     1.407       1.4043        -0.20
 Taiwan dlr                   30.660      30.601        -0.19
 Korean won                   1142.100    1134.5        -0.67
 Baht                         34.649      34.599        -0.14
 Peso                         49.755      50.08         +0.65
 Rupiah                       13320.000   13315         -0.04
 Rupee                        64.423      64.28         -0.22
 Ringgit                      4.438       4.4335        -0.10
 Yuan                         6.907       6.9010        -0.08
 Change so far                                          
 Currency                     Latest bid  End 2016      Pct Move
 Japan yen                    111.380     117.07        +5.11
 Sing dlr                     1.407       1.4490        +2.98
 Taiwan dlr                   30.660      32.279        +5.28
 Korean won                   1142.100    1207.70       +5.74
 Baht                         34.649      35.80         +3.32
 Peso                         49.755      49.72         -0.07
 Rupiah                       13320.000   13470         +1.13
 Rupee                        64.423      67.92         +5.43
 Ringgit                      4.438       4.4845        +1.05
 Yuan                         6.907       6.9467        +0.58
 (Reporting by Rushil Dutta; Additional reporting by Aparajita
Saxena in Bengaluru; Editing by Eric Meijer)

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