Quantcast

Asian units move gingerly as US-China trade talk results awaited


Reuters


By Aditya Soni

Feb 12 (Reuters) - Most emerging Asian currencies barely moved on Tuesday, with the dollar remaining firm and many investors steering from risk while waiting to see what comes out of this week's key U.S.-China trade talks.

U.S. and Chinese officials expressed hopes that the talks in Beijing, to be joined late this week by top officials, will ease their trade war, and avert a March 1 imposition of higher tariffs on $200 billion of Chinese goods by Washington.

However, an extension "with little meaningful progress may now disappoint", it said.

Uncertainty on the talks' outcome, coupled with concerns on global growth, kept the safe haven dollar near its 2019 high, following an 0.45 percent jump on Monday.

Pressured by strength of the dollar and higher oil prices the Indonesian rupiah dropped as much as 0.3 percent, the day's biggest drop for a regional currency, before paring the loss to 0.1 percent.

The Malaysian ringgit and Taiwan dollar both dipped 0.1 percent.

The Philippine peso firmed 0.2 percent after reporting the trade deficit narrowed to a three-month low in December as imports tumbled for the first time in a year.

The Chinese yuan and Singapore dollar advanced 0.1 percent each.

INDIA INFLATION DATA

The Indian rupee firmed 0.4 percent ahead of January inflation data due later in the day.

A Reuters poll predicted the inflation rate nudged up slightly but remained below the central bank's target for a sixth straight month.

DBS Group Research, in a note, said the central bank signalled last week that "benign headline inflation, rather than elevated core, was the key mandate and in so far as prints remain below the target, the panel will have the space to take a growth supportive stance".

The Reserve Bank of India on Thursday unexpectedly lowered interest rates and, as anticipated, changed its policy stance to "neutral" to boost a slowing economy.

The following table shows rates for Asian currencies against the dollar at 0544 GMT.

CURRENCIES VS U.S. DOLLAR

Change on the day at 0544 GMT

Currency

Latest bid

Previous day

Pct Move

Japan yen

110.570

110.36

-0.19

Sing dlr

1.359

1.3608

+0.13

Taiwan dlr

30.840

30.809

-0.10

Korean won

1123.500

1124.7

+0.11

Baht

31.350

31.35

+0.00

Peso

52.140

52.22

+0.15

Rupiah

14055.000

14035

-0.14

Rupee

70.910

71.17

+0.36

Ringgit

4.075

4.07

-0.12

Yuan

6.785

6.7920

+0.10

Change so far in 2019

Currency

Latest bid

End 2018

Pct Move

Japan yen

110.570

109.56

-0.91

Sing dlr

1.359

1.3627

+0.27

Taiwan dlr

30.840

30.733

-0.35

Korean won

1123.500

1115.70

-0.69

Baht

31.350

32.55

+3.83

Peso

52.140

52.47

+0.63

Rupiah

14055.000

14375

+2.28

Rupee

70.910

69.77

-1.61

Ringgit

4.075

4.1300

+1.35

Yuan

6.785

6.8730

+1.30






This article appears in: Stocks , World Markets , Politics



More from Reuters

Subscribe






See Reuters News











Research Brokers before you trade

Want to trade FX?