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EM ASIA FX-Most Asian currencies tread water before U.S. data as Fed clues eyed

Published 07/16/2019, 12:33 PM
Updated 07/16/2019, 12:40 PM
EM ASIA FX-Most Asian currencies tread water before U.S. data as Fed clues eyed
USD/PHP
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* Trader positioning gingerly ahead of U.S. data - analyst
* Philippine peso hits highest since Jan 2018
* Indian rupee weakens the most

(Adds text, updates prices)
By Aditya Soni
July 16 (Reuters) - Emerging Asian currencies largely held
to the sidelines on Tuesday as investors were reluctant to make
any big bets ahead of U.S. retail sales and a host of speeches
from Federal Reserve officials later in the global day.
Market focus is firmly on a widely-expected U.S. Federal
Reserve rate cut later this month, with traders keenly assessing
data from the world's largest economy to gauge the extent to
which the Fed might be willing to ease monetary policy.
"A very cautious start for risk assets this morning with
trader positioning gingerly knowing that the rest of the week is
potholed by Fed speakers and critical US data releases,"
Stephen Innes, managing partner at Vanguard Markets Pte Ltd said
in a note.
Fed Chairman Jerome Powell and Federal Reserve Governor
Michelle Bowman will be among those making speeches later in the
day.
U.S. industrial production data is also due later, while the
Fed will release its key Beige Book on U.S. economic conditions
on Wednesday, which investors will study for insight on how
trade tensions are affecting the business outlook.
The Philippine peso PHP= firmed 0.1% to a near 1-1/2-year
high, while South Korean won KRW=KFTC gained slightly.
The Chinese yuan CNY=CFXS was 0.1% higher.
Most Asian currencies had advanced in the previous session
after monthly Chinese data showed signs that Beijing's
stepped-up stimulus efforts might be helping to stabilize the
world's second largest economy.
The Indian rupee slipped 0.1% and was the top loser in the
region.
Data on Monday showed that India's imports declined to their
lowest level in four months in June, down 9% from a year ago,
indicating weakening consumption in Asia's third largest
economy.
The dismal figures added to worries that India's economy may
have slowed further in April-June after growth slipped to a
five-year low in the first quarter.
Trading in Thailand was closed on account of a regional
holiday.
The following table shows rates for Asian currencies against
the dollar at 0350 GMT.
CURRENCIES VS U.S. DOLLAR

Currency Latest bid Previous day Pct Move
Japan yen 107.970 107.9 -0.06
Sing dlr 1.356 1.3559 +0.00
Taiwan dlr 31.023 31.052 +0.09
Korean won 1178.100 1179.3 +0.10
Peso 50.900 50.95 +0.10
Rupiah 13920.000 13915 -0.04
Rupee 68.575 68.54 -0.06
Ringgit 4.107 4.107 +0.00
Yuan 6.874 6.8775 +0.06

Change so far in 2019
Currency Latest bid End 2018 Pct Move
Japan yen 107.970 109.56 +1.47
Sing dlr 1.356 1.3627 +0.50
Taiwan dlr 31.023 30.733 -0.93
Korean won 1178.100 1115.70 -5.30
Baht 30.890 32.55 +5.37
Peso 50.900 52.47 +3.08
Rupiah 13920.000 14375 +3.27
Rupee 68.575 69.77 +1.74
Ringgit 4.107 4.1300 +0.56
Yuan 6.874 6.8730 -0.01


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