April 5, 2012 / 4:47 AM / 5 years ago

EM ASIA FX-Asia FX mixed, Taiwan dlr dips on stock tax woes

SINGAPORE, April 5 (Reuters) - Emerging Asian currencies
were mixed on Thursday despite renewed worries about the euro
zone debt problems and as investors cut dollar holdings versus
regional units after private data showed China's service sector
grew again in March.	
    The Taiwan dollar edged down on stock outflows with
concerns over government discussions on a possible tax on stock
profits, while the South Korean won turned higher on
exporters demand for settlements.	
    Market players squared short-positions in emerging Asian
currencies before the Good Friday holiday when many regional
markets are closed and the release of key U.S. job data.	
    Most emerging Asian currencies started the day on a slightly
weaker tone after a poor Spanish bond auction reignited concerns
about funding difficulties for weaker euro zone countries.	
    On Wednesday, Spain's borrowing costs jumped as this week's
tough budget failed to calm investors' nerves about the
country's finances. 	
    "The euro risk, along with smaller chances for Fed's QE3,
may hurt Asia-ex Japan currencies more in short term," said
Enrico Tanuwidjaja, a currency strategist at Maybank in
Singapore.	
    Dwindling chances of another round of bond-buying programme
by the U.S. Federal Reserve, which is seen as reducing inflows
to Asia, have put pressure on regional units.	
    "But our base case is for more sustained appreciation (in
Asia ex-Japan currencies) in the second half of this year along
with a U.S. recovery. Once the recovery sets in, the dollar
would weaken eventually. China's figure is not so bad either and
a hard landing could be avoided," Tanuwidjaja said.	
    China's fast-growing services sector expanded again in March
as business confidence hit an 11-month high, a HSBC survey
earlier showed. 	
    Investors are keeping an eye on U.S. March nonfarm payroll
data due on Friday. The report from the U.S. Labor Department is
expected to show a gain of 203,000 jobs last month, including a
rise in private payrolls of 218,000. 	
            	
  CURRENCIES VS U.S. DOLLAR   	
  Change on the day at 0400 GMT	
  Currency    Latest bid   Previous day    Pct Move
  Japan yen        82.20          82.46       +0.32
  Sing dlr        1.2574         1.2593       +0.15
  Taiwan dlr      29.488         29.480       -0.03
  Korean won     1128.30        1129.50       +0.11
  Baht             30.98          30.97       -0.05
 *Peso             42.80          42.80       +0.00
  Rupiah         9150.00        9135.00       -0.16
 *Rupee            51.11          51.06       -0.11
  Ringgit         3.0625         3.0650       +0.08
  Yuan            6.3081         6.2980       -0.16
 
  Change so far in 2012
  Currency    Latest bid  End prev year    Pct Move
  Japan yen        82.20          76.92       -6.43
  Sing dlr        1.2574         1.2969       +3.14
  Taiwan dlr      29.488         30.290       +2.72
  Korean won     1128.30        1151.80       +2.08
  Baht             30.98          31.55       +1.84
  Peso             42.80          43.84       +2.43
  Rupiah         9150.00        9060.00       -0.98
  Rupee            51.11          53.08       +3.85
  Ringgit         3.0625         3.1685       +3.46
  Yuan            6.3081         6.2940       -0.22
 * Financial markets in India and Philippines are closed for
holidays.	
    	
(Reporting by Jongwoo Cheon, Additional reporting by Yingchien
Lee in TAIPEI and IFR Markets' Catherine Tan; Editing by )	
 	
   	
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 (Editing by Michael Perry)

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