* Asia FX markets pause to lock in gains - analyst
* Malaysia's April exports plunge 24%
* Thai c.bank to discuss baht with exporters, FX traders
(Adds text, updates prices)
By Shriya Ramakrishnan
June 4 (Reuters) - Most Asian currencies retreated on
Thursday as a recent rally fuelled by hopes of an economic
rebound ran out of steam and investors locked in profits, while
dismal export readings pressured the Malaysian ringgit.
Asian currencies have rallied this week as the reopening of
several global economies has reduced the allure of the greenback
and encouraged investors to venture into risky assets.
"We have seen some signs of U.S. and China discord again
trickling in to warrant caution, although I do see this mostly
as an excuse for the locking in of some gains by the market,"
Jingyi Pan, a market strategist at IG Asia said.
Leading declines in the region, the Malaysian ringgit
MYR=MY slipped 0.4%, marking its worst daily performance in
more than a week.
Data earlier in the day showed the country's exports tumbled
23.8% in April from a year earlier, the steepest fall in a
decade, as the COVID-19 pandemic badly disrupted the global
supply chain. The South Korean won KRW=KFTC was marginally lower, while
the Singapore dollar SGD= and Philippine peso PHP= weakened
0.2% each.
The Chinese yuan CNY=CFXS eased slightly in onshore trade,
pressured by renewed tensions between the world's two largest
economies.
U.S. President Donald Trump's administration on Wednesday
barred Chinese passenger carriers from flying to the United
States, while it is also expected to designate at least four
additional state-run Chinese media outlets as foreign embassies.
The Indonesian rupiah IDR=ID eased 0.2% to 14,110 per
dollar, erasing some of its stellar gains in the past two
sessions driven by strong demand for its government bonds.
CONCERNS OVER BAHT STRENGTH BACK IN FOCUS
The Thai baht THB=TH weakened as much as 0.4% to 31.66 per
dollar during the session on resuming trade after a holiday.
Minutes from Bank of Thailand's meeting on Thursday showed
that Thailand's economy will contract more than expected this
year, while it also expressed concern the baht could strengthen
and hurt economic recovery. The central bank is expected to meet with exporters and
foreign exchange dealers later in the day to discuss the rapid
rise in the currency.
"Previous steps taken to curb baht strength have proven to
be temporary, and any new measures that they may contemplate
will likely be the same," Khoon Goh, head of Asia research at
ANZ said.
"The baht's overall fundamentals point to longer term
strength, though its current account surplus for this year will
be reduced given the absence of international tourism.
CURRENCIES VS U.S. DOLLAR
Change on the day at
0515 GMT
Currency Latest bid Previous Pct
day Move
Japan yen 109.090 108.89 -0.18
Sing dlr 1.400 1.3975 -0.21
Taiwan dlr 29.890 29.905 +0.05
Korean won 1217.400 1216.8 -0.05
Baht 31.570 31.55 -0.06
Peso 49.935 49.85 -0.17
Rupiah 14100.000 14050 -0.35
Rupee 75.480 75.46 -0.03
Ringgit 4.274 4.255 -0.44
Yuan 7.125 7.1166 -0.11
Change so far in 2020
Currency Latest bid End 2019 Pct
Move
Japan yen 109.090 108.61 -0.44
Sing dlr 1.400 1.3444 -4.00
Taiwan dlr 29.890 30.106 +0.72
Korean won 1217.400 1156.40 -5.01
Baht 31.570 29.91 -5.26
Peso 49.935 50.65 +1.43
Rupiah 14100.000 13880 -1.56
Rupee 75.480 71.38 -5.43
Ringgit 4.274 4.0890 -4.33
Yuan 7.125 6.9632 -2.26