* Philippine peso, ringgit dip on dlr short-covering
* Rupiah down on importers, foreign banks; c.bank spotted
* Funds support Sing dlr; won up on exporters
(Adds text, updates prices)
By Jongwoo Cheon
SINGAPORE, Oct 15 (Reuters) - Most emerging Asian currencies
eased on Monday, despite upbeat Chinese trade figures, as
investors took profits on concerns the sluggish global economy
may hurt corporate earnings.
The Philippine peso and the Malaysian ringgit
retreated as traders covered dollar-short positions,
while the Thai baht slid on a weaker gold prices.
The Indonesian rupiah fell on dollar demand from
importers and foreign banks, although central bank intervention
was spotted, dealers said.
On Friday, most emerging Asian currencies rose after
Singapore's central bank surprised markets by sticking to its
tight monetary policy stance.
"The prospect of weaker corporate earnings may hurt
sentiment on emerging Asian currencies," said Maybank FX
research head Saktiandi Supaat in Singapore.
He said the week could also bring "risk and volatility" from
Chinese third-quarter growth data due on Thursday, Germany's ZEW
business sentiment index on Tuesday and an European Union summit
on Thursday and Friday.
Annual growth for China probably slowed for a seventh
straight quarter in the July-September period to the weakest
level since the depths of the global financial crisis, a Reuters
poll showed.
September trade data for the world's No. 2 economy eased
worries a bit as exports grew at roughly twice the rate expected
while imports returned to the path of expansion, suggesting
government steps to underpin economic growth are working.
Still, the main focus of markets is the growth figure, to
see the scale and speed of China's slowdown.
The Chinese data trade "was not too bad at all... We have
the appearance of some positive short-term export momentum, but
not sure if we'll have it sustained," said Sacha Tihanyi, senior
currency strategist for Scotiabank in Hong Kong.
Asian stocks retreated on growth worries before the
third-quarter corporate earning season and U.S. crude futures
also fell.
BAHT
The baht slid as gold dropped to a 2-1/2-week low and
on weak global risk sentiment.
Gold is popular among Thai investors, and rises in gold
prices have a tendency to spur dollar-selling by such gold
players and vice versa, traders said.
The Thai currency has a chart support at 30.775 per dollar,
the kijun line on the daily Ichimoku chart. The baht has been
closing firmer than the kijun line since late July.
RUPIAH
The rupiah eased on dollar demand from foreign banks and
local importers, while the central bank was spotted selling
greenbacks to support the local unit, dealers said.
The Indonesian currency's indicative prices fell 0.2 percent
to 9,590 per dollar, but dealers said the rupiah was weaker in
real-market trading, with 9,600 traded.
The central bank's determination to defend the rupiah slowed
dollar demand among clients, some dealers said.
On Friday, Bank Indonesia Governor Darmin Nasution said it
will maintain the rupiah at 9,500-9,600 until the end of the
year.
"Dollar demand will probably show up near the month-end, but
the central bank will not allow dollar/ringgit to go above
9,600," said a Jakarta-based dealer.
PHILIPPINE PESO
The Philippine peso slid as interbank traders covered short
positions in dollars on worries that U.S. corporate earnings may
dent risk appetite.
The peso found some support, at least temporarily, from
expectations of stronger remittance inflows before year-end and
the country's solid economic fundamentals.
But a foreign bank dealer in Manila said the Philippine
currency may weaken further, given reduced risk appetites.
"The surprise China trade data failed to excite the market.
Investors are more concerned over U.S. corporate earnings," he
said, adding the peso may head to 41.75 per dollar from 41.48.
SINGAPORE DOLLAR, WON
The Singapore dollar and the South Korean won
edged up, bucking the slides in their regional peers.
The city-state's currency found support from macro funds and
momentum accounts, while South Korean exporters lifted the won.
CURRENCIES VS U.S. DOLLAR
Change on the day at 0715 GMT
Currency Latest bid Previous day Pct Move
Japan yen 78.61 78.45 -0.20
Sing dlr 1.2221 1.2226 +0.04
Taiwan dlr 29.257 29.360 +0.35
Korean won 1110.21 1111.20 +0.09
Baht 30.70 30.63 -0.23
Peso 41.48 41.43 -0.12
Rupiah 9590.00 9575.00 -0.16
Rupee 53.07 52.81 -0.49
Ringgit 3.0600 3.0595 -0.02
Yuan 6.2650 6.2770 +0.19
Change so far in 2012
Currency Latest bid End prev year Pct Move
Japan yen 78.61 76.92 -2.15
Sing dlr 1.2221 1.2969 +6.12
Taiwan dlr 29.257 30.290 +3.53
Korean won 1110.21 1151.80 +3.75
Baht 30.70 31.55 +2.77
Peso 41.48 43.84 +5.69
Rupiah 9590.00 9060.00 -5.53
Rupee 53.07 53.08 +0.03
Ringgit 3.0600 3.1685 +3.55
Yuan 6.2650 6.2940 +0.46
(Additional reporting by IFR Market's Catherine Tan; Editing by
Richard Borsuk)
Source: http://news.yahoo.com/em-asia-fx-profit-taking-due-earnings-worries-075815706--finance.html
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