EM ASIA FX-Asian currencies fall broadly ahead of U.S. jobs data
(Adds text, updates prices)
* Singapore dollar at 6-year low, baht lowest in nearly 9
years
* Mixed weekly performance for Asian currencies
* Bearish Asia FX bets mostly higher in last 2 weeks - poll
* But sentiment less bearish in yuan and rupee
By Masayuki Kitano
SINGAPORE, Oct 2 (Reuters) - Asian currencies fell broadly
on Friday, with the focus on whether U.S. jobs data will bolster
expectations for the Federal Reserve to raise interest rates
later this year.
The Singapore dollar hit a six-year low of 1.4366
against the U.S. dollar, weighed down by increasing expectations
for Singapore's central bank to ease its exchange-rate based
monetary policy later this month.
The Thai baht slipped to its lowest level in nearly
nine years. The Malaysian ringgit led the losses on the
day, falling around 0.9 percent against the dollar.
The dollar is likely to stay firm against emerging Asian
currencies ahead of the U.S. jobs data, said Christopher Wong,
senior FX analyst for Maybank in Singapore.
"I still think dollar/Asia remains a buy," Wong said, adding
that the dollar could gain a lift on the back of Fed tightening
expectations if U.S. jobs data due later on Friday comes in
stronger than expected.
A weak outcome, on the other hand, could add to worries
about growth prospects for emerging market economies and weigh
on Asian currencies, he said.
While emerging Asian currencies were broadly lower on the
day, their weekly performance has been mixed.
Weekly gains have been led by the South Korean won, Indian
rupee, and Taiwan dollar. Losses for the week have been led by
the Malaysian ringgit and Thai baht.
THAI BAHT
The baht touched a low of 36.68 versus the dollar,
its lowest level since December 2006. For the week, the baht is
down more than 1 percent.
"With no convincing signs of regional economic recovery, and
with the prospects of a hard landing in China increasing daily,
one can only assume a test of 37.00 is in the offing," said
Stephen Innes, senior trader for FX broker OANDA in Singapore.
SOUTH KOREAN WON
Although the won retreated on Friday, the South Korean
currency is still up about 0.9 percent against the dollar for
the week.
The won has been supported this week by the unwinding of
long dollar positions and dollar-selling by South Korean
exporters, traders said.
MARKET POSITIONING
A Reuters survey showed that investors increased bearish
bets on most emerging Asian currencies in the last two weeks
after Federal Reserve officials kept open the possibility of an
interest rate hike in 2015 and as worries of a global economic
slowdown lingered.
Investors, however, trimmed bearish bets against the Chinese
yuan and the Indian rupee, the survey
showed.
CURRENCIES VS U.S. DOLLAR
Change on the day at 0540 GMT
Currency Latest bid Previous day Pct Move
Japan yen 119.96 119.91 -0.04
Sing dlr 1.4356 1.4304 -0.36
Taiwan dlr 32.952 33.080 +0.39
Korean won 1184.10 1176.30 -0.66
Baht 36.64 36.41 -0.63
Peso 46.77 46.76 -0.02
Rupiah 14690.00 14665.00 -0.17
Rupee* 65.51 65.51 +0.00
Ringgit 4.4400 4.4005 -0.89
Yuan* 6.3571 6.3571 +0.00
Change so far
in 2015
Currency Latest bid End prev year Pct Move
Japan yen 119.96 119.66 -0.25
Sing dlr 1.4356 1.3260 -7.63
Taiwan dlr 32.952 31.718 -3.74
Korean won 1184.10 1099.30 -7.16
Baht 36.64 32.90 -10.21
Peso 46.77 44.72 -4.38
Rupiah 14690.00 12380.00 -15.72
Rupee 65.51 63.03 -3.79
Ringgit 4.4400 3.4965 -21.25
Yuan 6.3571 6.2040 -2.41
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*Indian markets are closed on Friday for a public holiday.
*China's stock, bond, foreign exchange and commodity futures
markets will be closed Oct. 1 to 7 for a national holiday.
(Additional reporting by Yena Park in SEOUL; Editing by
Jacqueline Wong)