January 9, 2019 / 5:26 AM / a month ago

EM ASIA FX-Optimism on Beijing trade talks lifts most Asian currencies

 (Adds text, updates prices)
    By Aby Jose Koilparambil
    Jan 9 (Reuters) - Most emerging Asian currencies rose
marginally on Wednesday against a softer dollar as increased
optimism that China and the United States might reach a trade
deal whetted investor appetites for riskier assets. 
    Officials of the two nations continued trade talks in
Beijing for an unscheduled third day, amid signs of progress on
issues including purchases of U.S. farm and energy commodities
as well as increased access to China's markets.
    This week's meetings are the first face-to-face talks since
U.S. President Donald Trump and Chinese President Xi Jinping
agreed in December to a 90-day truce in the trade war that's
roiled global financial markets.
    "The risk appetite received a boost as extension of US-China
trade talks into the third day was interpreted as good progress.
On forex, the dollar is on a softer footing today against most
trade," said Maybank in a note on Wednesday.
    However, some analysts remained cautious.
    "The global economic slowdown still hangs over the markets
and will keep a lid on the exuberance," Chris Weston, head of
research at Melbourne-based retail foreign-exchange broker
Pepperstone, said in a note.
    The Korean won appreciated as much as 0.5
percent, to 1,118.70 against the dollar, before gains were
pared. 
    The South Korean currency lost about half a percent on
Tuesday after Samsung Electronics Co Ltd, the 
world's biggest maker of smartphones and semiconductors,
estimated a 29 percent drop in October-December operating
profit. 
    The Chinese yuan firmed as much as 0.3 percent to
6.834 against the dollar.
    The Thai baht gained 0.2 percent. The Singapore
dollar and Taiwan dollar also firmed slightly.
    The Indian rupee bucked the trend, weakening as
much as 0.3 percent in its second consecutive session of losses
as higher oil prices put pressure on the world's sixth largest
economy, a net importer of the commodity.
    Oil prices rose on Wednesday, extending gains from the
previous session on hopes for the Beijing trade talks.
    Brent crude futures were up 42 cents, or 0.7
percent, at $59.14 per barrel while U.S. West Texas Intermediate
(WTI) crude oil futures topped $50 a barrel for the first
time this year.
      
The following table shows rates for Asian currencies against the
dollar at 0514 GMT.
    CURRENCIES VS U.S. DOLLAR
    
 Currency                     Latest bid  Previous day  Pct Move
 Japan yen                    108.860     108.73        -0.12
 Sing dlr                     1.357       1.3576        +0.04
 Taiwan dlr                   30.802      30.836        +0.11
 Korean won                   1121.500    1124.1        +0.23
 Baht                         32.030      32.07         +0.12
 Peso                         52.400      52.47         -0.13
 Rupiah                       14160.000   14140         -0.14
 Rupee                        70.365      70.20         -0.23
 Ringgit                      4.113       4.116         +0.07
 Yuan                         6.838       6.8548        +0.25
                                                        
 Change so far in 2019                                  
 Currency                     Latest bid  End 2018      Pct Move
 Japan yen                    108.860     109.56        +0.64
 Sing dlr                     1.357       1.3627        +0.42
 Taiwan dlr                   30.802      30.733        -0.22
 Korean won                   1121.500    1115.70       -0.52
 Baht                         32.030      32.55         +1.62
 Peso                         52.400      52.58         +0.34
 Rupiah                       14160.000   14375         +1.52
 Rupee                        70.365      69.77         -0.85
 Ringgit                      4.113       4.1300        +0.41
 Yuan                         6.838       6.8730        +0.52
 
 (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by
Richard Borsuk)
  
 
 
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below