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EM ASIA FX-Asian currencies firm; next Fed chief, ECB meeting in focus
October 24, 2017 / 4:49 AM / a month ago

EM ASIA FX-Asian currencies firm; next Fed chief, ECB meeting in focus

 (Adds details, updates prices)
    By Ambar Warrick
    Oct 24 (Reuters) - Asian currencies rose slightly against
the dollar on Tuesday as investors held off on buying the U.S.
currency as attention turned towards who would be the next head
of the Federal Reserve, as well as a European Central Bank
meeting later in the week. 
    U.S. President Donald Trump told reporters on Monday he is
"very, very close" to deciding on who should chair the Federal
Reserve.
    Appointment of a more hawkish candidate could bump up the
dollar and add pressure on Asian currencies.
    Investors were also wary ahead of the ECB policy meeting
later in the week, which could set the tone for the dollar, and
in turn Asian currencies, for the long term. 
    "The market is interested in how much the ECB will trim
monthly bond purchases and how long it will extend its
quantitative easing programme beyond the end of 2017, which is
its current expiry date," said Gao Qi, Asia FX Strategist at
Scotiabank. 
    He added that speculation over the Fed's leadership would
affect the dollar's strength, although the direct impact would
be difficult to estimate. 
    The South Korean won rose to a 1-week high
against the dollar, on track for its third consecutive session
of gains. 
    "In the weeks ahead, the won will continue to trade in line
with swinging risk sentiment, while remaining susceptible to
external uncertainty including the U.S. tax reform plan, the
nomination of the next Fed Chair and the geopolitical situation
on the peninsula," Scotiabank said in a research note.
    The Indonesian rupiah also rose against the dollar,
as Indonesian stocks touched a record high. 
    The International Energy Agency said oil, together with
coal, will lead growth in Southeast Asia's power and transport
sectors as the region's energy demand is expected to climb
nearly 60 percent by 2040 from now, a scenario the coal exporter
stands to largely benefit from.
    
    SINGAPORE DOLLAR
    The Singapore dollar was among the top intraday
percentage gainers in Asian currencies, clocking its best rise
against the dollar in nearly two weeks.
    Singapore's headline consumer price index in September rose
0.4 percent from a year earlier due to higher services
inflation, and met the median forecast in a Reuters poll.

       
    The following table shows rates for Asian currencies against
the dollar as of 0424 GMT.
    
 CURRENCIES VS U.S. DOLLAR                                      
  Change on the day as of                                       
          0424 GMT                                     
  Currency                   Latest bid  Previous day   Pct Move
  Japan yen                 113.330            113.42      +0.08
  Sing dlr                  1.359              1.3618      +0.20
  Taiwan dlr                30.251             30.262      +0.04
  Korean won                1127.600           1130.2      +0.23
  Baht                      33.150             33.171      +0.06
  Peso                      51.475              51.51      +0.07
  Rupiah                    13525.000           13540      +0.11
  Rupee                     64.935              65.02      +0.13
  Ringgit                   4.233               4.236      +0.08
  Yuan                      6.628              6.6385      +0.16
                                                                
  Change so far in 2017                                         
  Currency                  Latest bid   End 2016       Pct Move
  Japan yen                 113.330            117.07      +3.30
  Sing dlr                  1.359              1.4490      +6.61
  Taiwan dlr                30.251             32.279      +6.70
  Korean won                1127.600          1207.70      +7.10
  Baht                      33.150              35.80      +7.99
  Peso                      51.475              49.72      -3.41
  Rupiah                    13525.000           13470      -0.41
  Rupee                     64.935              67.92      +4.60
  Ringgit                   4.233              4.4845      +5.95
  Yuan                      6.628              6.9467      +4.81
 
    
 

 (Reporting by Ambar Warrick; Additional reporting by Sandhya
Sampath in Bengaluru; Editing by Jacqueline Wong)
  
 
 

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