* Most of the Asian currencies fall as investors grow
* Baht, Singapore dollar lead declines
* Taiwan dollar, Philippine peso flat ahead of policy
(Adds detail, updates prices)
By Patturaja Murugaboopathy
March 23 Most Asian currencies fell against the
dollar on Thursday as investors waited to see if U.S. President
Donald Trump could push through a health bill to replace
"Obamacare", which would open the way for tax cuts.
Trump was to meet later in the day with members of the
Freedom Caucus, a conservative Republican faction which have
demand changes to the bill, which is Trump's first major
legislation since taking office.
Fierce opposition could delay promised tax reforms, which
have boosted U.S. financial markets.
"It is the risk sentiment which is driving the markets right
now" said Andy Ji, a currency strategist at Commonwealth Bank of
The Thai baht fell nearly a quarter of a percent on
strong dollar demand from oil companies.
The Singapore dollar also weakened after data showed
a pick-up in inflation was mild and in line with expectations.
Analysts said a rise in the 10-year U.S. Treasury yields
also limited Asian currencies' upside. The 10-year U.S. Treasury
yield US10YT=RR stood at 2.4086 percent , slightly up from
Wednesday's U.S. close of 2.3960.
The Taiwan dollar and the Philippine peso
were flat ahead of their central bank meetings which are
expected to keep policy rates unchanged, according to Reuters
The South Korean dollar continued its surge to
lead Asian currencies' gains against the dollar this year.
However, markets were also keeping a close eye at the
JPY/KRW pair, which was hovering near a 15-month low,
underlining the won's strength against the yen.
With worries about Trump's healthcare bill are expected to
remain the focus of markets in coming days, some analysts said
the Federal Reserve's monetary stance will still decide Asian
currencies' movements in the long term.
"Don’t let this wave of risk-off muddy the big picture,"
said Stephen Innes, senior trader at OANDA.
The Taiwan dollar was flat at 30.490 per dollar.
Taiwan's central bank is expected to keep its key policy
rate unchanged on Thursday after the government announced a
T$882.4 billion ($29 billion) stimulus package to support the
economy in the face of uncertainty from its two largest trading
partners, the United States and China.
CURRENCIES VS U.S. DOLLAR
Change on the
day at 0617
Currency Latest bid Previous day Pct Move
Japan yen 111.330 111.14 -0.17
Sing dlr 1.400 1.3974 -0.17
Taiwan dlr 30.490 30.503 +0.04
Korean won 1121.700 1123.3 +0.14
Baht 34.660 34.586 -0.21
Peso 50.330 50.32 -0.02
Rupiah 13320.000 13328 +0.06
Rupee 65.445 65.44 -0.01
Ringgit 4.425 4.425 +0.00
Yuan 6.889 6.8804 -0.12
Change so far
Currency Latest bid End 2016 Pct Move
Japan yen 111.330 117.07 +5.16
Sing dlr 1.400 1.4490 +3.51
Taiwan dlr 30.490 32.279 +5.87
Korean won 1121.700 1207.70 +7.67
Baht 34.660 35.80 +3.29
Peso 50.330 49.72 -1.21
Rupiah 13320.000 13470 +1.13
Rupee 65.445 67.92 +3.78
Ringgit 4.425 4.4845 +1.34
Yuan 6.889 6.9467 +0.84
(Reporting by Patturaja Murugaboopathy; Editing by Eric Meijer
and Kim Coghill)