EM ASIA FX-Weak U.S. data lifts Asia FX; stock inflows power Taiwan dlr, won
* Taiwan dollar over 5-month high, stocks 15-year peak
* Won highest since Jan. 16; foreigners keep buying shares
* Ringgit gains on oil exporters
(Adds text, updates prices)
By Jongwoo Cheon
SINGAPORE, April 27 (Reuters) - Most emerging Asian
currencies rose on Monday as a run of dismal U.S. economic data
built a solid case against the Federal Reserve rushing to raise
interest rates soon, helping the region maintain the appeal of
higher yields.
The Taiwan dollar rose to its strongest in more
than five months as equity inflows powered local shares
to a 15-year high. The South Korean won hit its
highest in more than three months as foreign investors snapped
up Seoul shares. Malaysia's ringgit advanced on
oil exporters.
U.S. business investment spending plans fell for a seventh
consecutive month in March, data showed on Friday, suggesting
the economy is still struggling to rebound.
The data reinforced views that the Fed may not signal
imminent tightening at its two-day policy meeting scheduled to
start on Tuesday.
"The Fed is unlikely to tweak comments on interest rates
this week," said Jeong My-young, Samsung Futures' head of
research in Seoul. "That will spur more corrections in the
dollar and strengthen Asian currencies."
TAIWAN DOLLAR
The Taiwan dollar jumped 1.6 percent to 30.552 per U.S.
dollar, its strongest since Nov. 11.
Local shares hit the 10,000-point milestone for the first
time since 2000.
Foreign investors bought a combined net T$78.3 billion ($2.6
billion) worth of equities last week, turning to net buyers in
the island's stock market this month.
Some exporters also joined bids for the Taiwan dollar on
fears that the Taiwan dollar would further extend its gains on a
weaker greenback.
The central bank has not been spotted intervening to stem
the Taiwan dollar's strength, traders said.
Still, traders remained wary as the Taiwan dollar has been
ending the daily session weaker than a 200-day moving average
since September last year partially due to the central bank
intervention. The average currently stands at at 30.868.
Importers bought the U.S. dollar for payments.
WON
The won rose 0.6 percent to 1,073.1 per dollar, its
strongest since Jan. 16.
Foreign investors continued buy Seoul shares to
become net purchasers for a 15th straight session. During the
period, they added a combined net 4.7 trillion won ($4.4
billion) worth of stocks in the main stock market, according to
the Korea Exchange.
The foreign exchange authorities were suspected of
intervening to limit the won's appreciation ahead of key chart
resistance lines, traders said.
The won has been weaker than the 200-day moving average,
which currently stands at 1,073.6 to the dollar, since late
September 2014.
It also has the 50 percent Fibonacci retracement of its
depreciation from July to March at 1,072.5.
RINGGIT
The ringgit advanced 0.6 percent to 3.5590 per dollar, its
strongest since Feb. 16.
Malaysia's oil exporters bought the ringgit for month-end
settlements, while foreign investors purchased it in
non-deliverable forwards markets.
CURRENCIES VS U.S. DOLLAR
Change on the day at 0450 GMT
Currency Latest bid Previous day Pct Move
Japan yen 119.00 118.99 -0.01
Sing dlr 1.3314 1.3325 +0.08
Taiwan dlr 30.563 31.051 +1.60
Korean won 1073.70 1079.40 +0.53
Baht 32.61 32.53 -0.25
Peso 44.25 44.25 -0.01
Rupiah 12950.00 12915.00 -0.27
Rupee 63.62 63.56 -0.09
Ringgit 3.5600 3.5810 +0.59
Yuan 6.1985 6.1950 -0.06
Change so far in 2015
Currency Latest bid End prev year Pct Move
Japan yen 119.00 119.66 +0.55
Sing dlr 1.3314 1.3260 -0.41
Taiwan dlr 30.563 31.718 +3.78
Korean won 1073.70 1099.30 +2.38
Baht 32.61 32.90 +0.89
Peso 44.25 44.72 +1.06
Rupiah 12950.00 12380.00 -4.40
Rupee 63.62 63.03 -0.92
Ringgit 3.5600 3.4965 -1.78
Yuan 6.1985 6.2040 +0.09
($1 = 30.5600 Taiwan dollar)
($1 = 1,073.6 won)
(Additiona reporting by Jeanny Kao in TAIPEI and IFR Markets'
Catherine Tan; Editing by Eric Meijer)