* Won gains 1 pct; Asian currencies rise broadly
* Paring back of long U.S. dollar positions cited
* Focus on US President-elect Donald Trump's news conference
* Trump due to hold news conference in NY on Wednesday
(Adds text, updates prices)
By Masayuki Kitano
SINGAPORE, Jan 10 The Chinese yuan and other
emerging Asian currencies edged higher on Tuesday as the dollar
pulled back, with investors awaiting a news conference by U.S.
President-elect Donald Trump later this week for further clues
on policy and the direction of the greeback.
The South Korean won rose about 1 percent, while
the Indonesian rupiah touched its highest level in nearly
a month at one point and was last up 0.4 percent on the day.
The dollar retreated against a basket of six major
currencies, with the dollar index slipping 0.3 percent.
The pullback in the dollar is probably due to position
squaring, said Stephen Innes, senior trader for FX broker OANDA
"What I'm starting to see evolve early in 2017 are little
short bursts of market momentum, followed up by quick
profit-taking," Innes said.
One focus is whether Trump will provide any further details
on his fiscal policy proposals at a news conference on
Wednesday, Innes added.
The dollar will probably see some range-trading against
Asian currencies before Trump takes office on Jan. 20, said
Christopher Wong, senior FX strategist for Maybank.
Traders will also be keeping an eye on comments from Fed
Chair Janet Yellen, who is due to speak on Thursday, Wong added.
Yellen is due to give brief opening remarks and to take part
in a webcast town-hall meeting with educators on Jan. 12.
Asian currencies have retreated broadly over the past couple
of months as U.S. bond yields jumped on expectations that
Trump's proposals for infrastructure spending and tax cuts will
prop up U.S. economic growth and inflation.
Such rises in U.S. yields can reduce the attractiveness of
investing in emerging market assets and spur capital outflows
from such markets.
CURRENCIES VS U.S. DOLLAR
Change on the day at 0440 GMT
Currency Latest bid Previous Pct Move
Japan yen 115.41 116.04 +0.55
Sing dlr 1.4334 1.4364 +0.21
Taiwan dlr 31.968 32.106 +0.43
Korean won 1196.85 1208.30 +0.96
Baht 35.57 35.74 +0.48
Peso 49.505 49.620 +0.23
Rupiah 13310 13360 +0.38
Rupee 68.03 68.21 +0.27
Ringgit 4.4720 4.4750 +0.07
Yuan 6.9255 6.9330 +0.11
far in 2017
Currency Latest bid End prev Pct Move
Japan yen 115.41 117.07 +1.44
Sing dlr 1.4334 1.4490 +1.09
Taiwan dlr 31.968 32.279 +0.97
Korean won 1196.85 1207.70 +0.91
Baht 35.57 35.80 +0.66
Peso 49.51 49.72 +0.43
Rupiah 13310 13470 +1.20
Rupee 68.03 67.92 -0.15
Ringgit 4.4720 4.4845 +0.28
Yuan 6.9255 6.9467 +0.31
(Reporting by Masayuki Kitano in SINGAPORE)