November 4, 2019 / 6:07 AM / a month ago

EM ASIA FX-S Korean won leads broad-based gains; Indian rupee firmer

    * Won hits strongest level in more than 4 months
    * Taiwanese dollar appreciates to an over 16-month high
    * Yuan hits firmest point in more than two-and-a-half months

 (Adds text, updates prices)
    By Aby Jose Koilparambil
    Nov 4 (Reuters) - Asian currencies strengthened on Monday,
with the South Korean won leading the gains, as
growing optimism over a potential Sino-U.S. trade deal and
upbeat U.S. jobs data whetted investors' risk appetite.
    The United States and China both said on Friday that they
had made progress in talks aimed at defusing their festering
16-month-long trade war, and U.S. officials said a deal could be
signed this month.
    Meanwhile, data released on Friday showed the U.S. job
growth slowed less than expected in October and hiring in the
prior two months was stronger than previously estimated.

    Those numbers followed a private survey of manufacturers in
China that showed better-than-expected factory activity in
October.
    "Resilience in the U.S. labour market despite weakness in
the manufacturing sector, optimism on China-U.S. trade talks and
a perceived receding of hard Brexit risks have led to an
improvement in risk appetite, allowing USD strength to ease
somewhat," said Philip Wee, FX strategist at DBS Group in a
note. 
    Against a basket of six currencies, the dollar was trading
at 97.194 having touched a three-month low of 97.107 on
Friday. 
    The won appreciated as much as 0.6% to touch its best level
since July 1, building on its recent strength, having posted
five successive weekly gains. 
    The Taiwanese dollar put on as much as 0.3% to its
strongest since July 2018.
    There were comparatively significant gains in the Indian
rupee and the Chinese yuan as well,
advancing up to 0.4% and 0.2%, respectively. 
    The yuan hit its firmest level in more than two-and-a-half
months, while the rupee appreciated to 70.56 against the dollar
to mark its best level in more than a month.
    The Indonesian rupiah and the Philippine peso
 strengthened slightly on the day, while the Singapore
dollar and the Thai baht were relatively little
changed.
    
    MALAYSIAN RINGGIT
    The Malaysian ringgit tacked on as much as 0.3% to
hit its firmest level in nearly three months.
    Investors shrugged off weak September export data, which
registers their biggest decline in nearly three years amid
subdued demand from major trade partners.
    September's export numbers came in far lower than analysts'
forecast for a marginal drop of 0.1%. The month's figures were
the worst export performance since October 2016, when shipments
fell 8.5% on-year. 
    
    CURRENCIES VS U.S. DOLLAR
    
 Change on the day at   0550 GMT                  
 Currency               Latest bid  Previous day  Pct Move
 Japan yen              108.230     108.17        -0.06
 Sing dlr               1.357       1.3573        +0.04
 Taiwan dlr             30.401      30.479        +0.26
 Korean won             1160.400    1165.6        +0.45
 Baht                   30.150      30.16         +0.03
 Peso                   50.440      50.48         +0.08
 Rupiah                 14013.000   14030         +0.12
 Rupee                  70.710      70.81         +0.14
 Ringgit                4.152       4.164         +0.29
 Yuan                   7.028       7.0372        +0.14
                                                  
 Change so far in 2019                            
 Currency               Latest bid  End 2018      Pct Move
 Japan yen              108.230     109.56        +1.23
 Sing dlr               1.357       1.3627        +0.43
 Taiwan dlr             30.401      30.733        +1.09
 Korean won             1160.400    1115.70       -3.85
 Baht                   30.150      32.55         +7.96
 Peso                   50.440      52.47         +4.02
 Rupiah                 14013.000   14375         +2.58
 Rupee                  70.710      69.77         -1.33
 Ringgit                4.152       4.1300        -0.53
 Yuan                   7.028       6.8730        -2.20
 

 (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by
Kim Coghill)
  
 
 
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