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EM ASIA FX-Indian rupee hits 3-month high, Asia currencies firm ahead of Trump speech
February 27, 2017 / 5:56 AM / 10 months ago

EM ASIA FX-Indian rupee hits 3-month high, Asia currencies firm ahead of Trump speech

    * Baht revisits Friday's peak, its highest since late Oct.
    * Rupee touches highest since Nov. 10
    * Focus on Trump's Feb. 28 speech to Congress
    * Market awaits specifics on U.S. tax reform plans

 (Updates prices, adds text)
    SINGAPORE, Feb 27 (Reuters) - The Indian rupee set a
three-month peak and the Thai baht hovered at a four-month high
on Monday, as investors looked to U.S. President Donald Trump's
speech to Congress later this week for fresh catalysts.
    The Thai baht rose to 34.85 per dollar. That
matched Friday's peak, which was the highest in almost four
months.
    The Indian rupee touched a high of 66.645, its
strongest level since Nov. 10.      
    Emerging Asian currencies such as the baht and Indian rupee
held firm ahead of Trump's speech to the joint session of
Congress due on Tuesday.
    Trump will use the event to preview some elements of his
sweeping plans to cut taxes for the middle class, simplify the
tax system and make American companies more globally competitive
with lower rates and changes to encourage U.S. manufacturing,
Treasury Secretary Steven Mnuchin told Fox News Channel's
"Sunday Morning Futures" programme.
    Uncertainty over whether Trump will offer enough details on
his plans for infrastructure spending and tax reforms, were
helping to weigh on the dollar, traders said.    
    "The market is positioning for disappointment," said Stephen
Innes, a senior trader for FX broker OANDA in Singapore.      
    "Traders are going to start asking themselves undoubtedly,
the longer the tax reform gets played out, is the market's
expectations too high?"    
    At the same time, traders will probably be wary of selling
the dollar aggressively ahead of Trump's address, Innes said.
    The Indonesian rupiah showed limited reaction to news
that Indonesian police exchanged gunfire with an attacker after
a reported explosion in a government building in the city of
Bandung. 
    The rupiah hardly moved after the news, and was last down
0.1 percent on the day at 13,345. The rupiah remains
within its trading range so far in February of between 13,385 to
13,280.    

    CURRENCIES VS U.S. DOLLAR     
  Change on the day at   0513 GMT                    
  Currency              Latest bid   Previous     Pct
                                          day    Move
  Japan yen                 112.22     111.96   -0.24
  Sing dlr                  1.4052     1.4050   -0.01
  Taiwan dlr                30.650     30.650   -0.00
  Korean won               1131.40    1131.50   +0.01
  Baht                       34.85      34.91   +0.17
  Peso                      50.275     50.215   -0.12
  Rupiah                     13345      13329   -0.12
  Rupee                      66.71      66.82   +0.17
  Ringgit                   4.4410     4.4370   -0.09
  Yuan                      6.8769     6.8700   -0.10
                                                     
  Change so                                          
 far in 2017                                   
  Currency              Latest bid   End prev     Pct
                                         year    Move
  Japan yen                 112.22     117.07   +4.32
  Sing dlr                  1.4052     1.4490   +3.12
  Taiwan dlr                30.650     32.279   +5.31
  Korean won               1131.40    1207.70   +6.74
  Baht                       34.85      35.80   +2.73
  Peso                       50.28      49.72   -1.10
  Rupiah                     13345      13470   +0.94
  Rupee                      66.71      67.92   +1.82
  Ringgit                   4.4410     4.4845   +0.98
  Yuan                      6.8769     6.9467   +1.01
 
 (Reporting by Masayuki Kitano in Singapore; Editing by Randy
Fabi)
  
 
 

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