June 4, 2018 / 7:25 AM / 17 days ago

EM ASIA FX-Asian export currencies lead gains on U.S.-N Korea summit hopes

    * Philippine peso weakens; inflation data due on Tuesday
    * S. Korean won, Taiwan dlr firm most

 (Adds text, updates prices)
    By Aaron Saldanha
    June 4 (Reuters) - Asian emerging market currencies from
export-dependent economies rose against the dollar on Monday as
signs the planned U.S.-North Korea summit would proceed
supported confidence in global trade although price action
elsewhere was limited.
    South Korea's won and the Taiwan dollar
were the best performers in Asia, standing to benefit from
stable international relations due to the heavy reliance on
exports.
    "As long as discussions are going on, things are good," said
Stephen Innes, head of Asia-Pacific trading for Oanda.
    The South Korean won and the Taiwan dollar firmed 0.33
percent and 0.15 percent, respectively. The Singapore dollar
 was 0.04 percent stronger.
    Taiwan-listed equities gained the most in more than
three months on Monday and were trading about 1.5 percent
higher, with information technology stocks driving broad-based
gains.
    China's foreign ministry said on Saturday that it was happy
to see that progress had been made on the U.S.-North Korean
summit, which is due to be held on June 12 in Singapore.

    U.S. Defense Secretary Jim Mattis said the U.S. is willing
to work with China on a "results-oriented" relationship. 

    The greenback gained against other currencies in the region,
however, after it received support from strong jobs data
released on Friday. Data showed U.S. job growth accelerated in
May, with the unemployment rate dropping to an 18-year low of
3.8 percent, pointing to rapidly tightening labour market
conditions, which could stir concerns about inflation.
    Thailand's baht weakened about 0.1 percent on
Monday.
    The Indian rupee marked time while the Chinese yuan
 slipped slightly.     
    Indonesia's rupiah was flat after data released on
Monday showed the annual inflation slowed in May with only a
modest increase in food prices despite rising demand during the
Muslim fasting month of Ramadan.
    The Philippine peso was the region's biggest loser,
slipping 0.17 percent.
    The country is due to publish inflation data on Tuesday,
with a Reuters poll showing Philippine inflation likely
accelerated for the fifth straight month in May.
    Inflation worries have been a major factor in the peso
losing more than 5 percent of its value since the start of the
year. 
    
    The following table shows rates for Asian currencies against
the dollar at 0617 GMT.
    CURRENCIES VS U.S. DOLLAR
  Change on the day at 0617                                     
             GMT                                           
  Currency                       Latest bid  Previous day    Pct
                                                            Move
  Japan yen                   109.660              109.53  -0.12
  Sing dlr                    1.338                1.3383  +0.04
  Taiwan dlr                  29.820               29.864  +0.15
  Korean won                  1071.500               1075  +0.33
  Baht                        32.020                31.99  -0.09
  Peso                        52.580               52.491  -0.17
  Rupiah                      13890.000             13890   0.00
  Rupee                       67.050                67.06  +0.01
  Ringgit                     3.977                 3.977   0.00
  Yuan                        6.421                6.4195  -0.03
 * Closed for market holiday                                    
  Change so far in 2018                                         
  Currency                    Latest bid     End 2017        Pct
                                                            Move
  Japan yen                   109.660              112.67  +2.74
  Sing dlr                    1.338                1.3373  -0.03
  Taiwan dlr                  29.820               29.848  +0.09
  Korean won                  1071.500            1070.50  -0.09
  Baht                        32.020                32.58  +1.75
  Peso                        52.580                49.93  -5.04
  Rupiah                      13890.000             13565  -2.34
  Rupee                       67.050                63.87  -4.74
  Ringgit                     3.977                4.0440  +1.68
  Yuan                        6.421                6.5069  +1.33
 
 (Reporting by Aaron Saldanha in Bengaluru; Editing by Sam
Holmes)
  
 
 
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