EM ASIA FX-Asian currencies steady ahead of U.S. jobs data, won shines
* Won rises on dollar-selling by local exporters
* Yuan supported by worry over c.bank intervention
* Asian currencies mostly steady to firmer
* U.S. data in focus for hints on Fed rate hike prospects
SINGAPORE, Aug 31 (Reuters) - Most Asian currencies were
steady to firmer against the dollar on Wednesday, with the South
Korean won outperforming due to month-end flows from local
exporters.
The Chinese yuan held firm, with investors cautious about
possible central bank intervention whenever the currency neared
the psychologically-important 6.7 per dollar level.
After holding firm in the first half of August on the back
of inflows from yield-seeking investors, most Asian currencies
faltered in the second half as upbeat comments from Fed
policymakers rekindled bets for a rise in U.S. interest rates
and bolstered the greenback.
The focus now is on whether U.S. economic indicators coming
up this week, such as nonfarm payrolls data on Friday, will add
to expectations that the Fed could raise interest rates as early
as September, or cause such bets to be pared back.
SOUTH KOREAN WON
The South Korean won ended higher on Wednesday as
month-end dollar sales by exporters supported the currency
towards the close of the session.
SINGAPORE DOLLAR, INDONESIAN RUPIAH
The Singapore dollar has underperformed compared
with regional peers in August with a monthly loss of 1.8 percent
against the U.S. dollar.
Another underperformer was the Indonesian rupiah,
which is down 1.4 percent against the U.S. dollar in August.
The potential for further monetary easing in Singapore and
Indonesia in coming months, may have weighed on the Singapore
dollar and the rupiah in August, said Masashi Murata, currency
strategist for Brown Brothers Harriman in Tokyo.
"There has been speculation that there could be additional
monetary easing in Indonesia, although such views might recede
if the rupiah were to fall further," he said.
"For Singapore...there is a view that there might be some
type of easing bias at the October meeting amid the weakness in
the manufacturing sector," Murata said, referring to the central
bank's semiannual policy decision.
Data released last week showed that Singapore's factory
output in July unexpectedly contracted from a year earlier,
heightening concerns about the outlook for the city-state's
economy.
CURRENCIES VS U.S. DOLLAR
Change on the day at 0737 GMT
Currency Latest bid Previous Pct
day Move
Japan yen 103.27 102.97 -0.29
Sing dlr 1.3635 1.3647 +0.09
Taiwan dlr 31.717 31.720 +0.01
Korean won 1115.57 1119.90 +0.39
Baht 34.63 34.60 -0.11
Peso 46.580 46.470 -0.24
Rupiah 13275 13275 +0.00
Rupee 67.01 67.04 +0.04
Ringgit 4.0480 4.0480 +0.00
Yuan 6.6794 6.6820 +0.04
Change so far
in 2016
Currency Latest bid End prev Pct
year Move
Japan yen 103.27 120.30 +16.49
Sing dlr 1.3635 1.4177 +3.98
Taiwan dlr 31.717 33.066 +4.25
Korean won 1115.57 1172.50 +5.10
Baht 34.63 36.00 +3.94
Peso 46.58 47.06 +1.03
Rupiah 13275 13785 +3.84
Rupee 67.01 66.15 -1.28
Ringgit 4.0480 4.2935 +6.06
Yuan 6.6794 6.4936 -2.78
(Reporting by Masayuki Kitano; Additional reporting by Yena
Park and Dahee Kim in SEOUL, Lu Jianxin and Nathaniel Taplin in
SHANGHAI; Editing by Jacqueline Wong)