Advertisement
New Zealand markets closed
  • NZX 50

    12,105.29
    +94.63 (+0.79%)
     
  • NZD/USD

    0.5970
    -0.0006 (-0.10%)
     
  • NZD/EUR

    0.5536
    +0.0003 (+0.05%)
     
  • ALL ORDS

    8,153.70
    +80.10 (+0.99%)
     
  • ASX 200

    7,896.90
    +77.30 (+0.99%)
     
  • OIL

    83.11
    -0.06 (-0.07%)
     
  • GOLD

    2,254.80
    +16.40 (+0.73%)
     
  • NASDAQ

    18,254.69
    -26.15 (-0.14%)
     
  • FTSE

    7,952.62
    +20.64 (+0.26%)
     
  • Dow Jones

    39,807.37
    +47.29 (+0.12%)
     
  • DAX

    18,492.49
    +15.40 (+0.08%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • NIKKEI 225

    40,369.44
    +201.37 (+0.50%)
     
  • NZD/JPY

    90.3140
    -0.0790 (-0.09%)
     

EM ASIA FX-Baht leads Asia FX gains as Fed seen delaying rate hikes

* Baht hits 4-month high after bond inflows

* Taiwan dollar up on exporters; ringgit gains on fixing

(Adds text, updates prices)

By Jongwoo Cheon

SINGAPORE, Feb 26 (Reuters) - Most emerging Asian currencies

firmed on Thursday as comments by Federal Reserve Chair Janet

Yellen prompted markets to push back expectations of U.S. rate

tightening.

Thailand's baht hit a four-month high as foreign

investors continued to buy local bonds.

The Taiwan dollar rose on month-end corporate bids,

while the Malaysian ringgit advanced on demand linked

to the daily fixing.

Indonesia's rupiah edged up as the central bank

continued to warn of intervention in the foreign exchange

ADVERTISEMENT

market, even it said it does not have a target level.

Yellen did not offer any additional clues on the timing of a

rate increase before the House of Representatives Financial

Services Committee on Wednesday.

On Tuesday, she told a senate committee that the Fed would

first remove the word "patient" in describing its approach to

interest rate hikes, then enter a phase in which moves are

possible at any meeting.

"Asian currencies got a reprieve and will stay firm for a

while as markets pushed back expectations of U.S. rate hikes,"

said Yuna Park, a currency and bond analyst at Dongbu Securities

in Seoul.

"Still, the dollar's strength remains intact, so only

currencies with solid fundamentals would benefit," Park said.

The Indian rupee, the baht and the Philippine peso

would be among those beneficiaries, she added.

BAHT

The baht rose as much as 0.5 percent to 32.353 per dollar,

its strongest since Oct. 28.

Foreign investors were net buyers in the domestic bonds

market during the previous five consecutive sessions, according

to the Thai bond Market Association data.

TAIWAN DOLLAR

The Taiwan dollar strengthened from Wednesday's domestic

close of 31.532 per U.S. dollar, which traders said the central

bank made up through usual last-minute intervention.

Local exporters bought the Taiwan dollar for month-end

settlements.

The island's currency pared some of earlier gains as local

shares fell with stock inflows not seen.

Importers also bought the greenback for payments below

31.400, traders said.

RINGGIT

The ringgit rose as fixing-related demand prompted traders

to cover short positions.

Malaysia's government bond prices also rose with five-year

debt yield down to 3.628 percent, its lowest since

Nov. 10.

Still, some traders were looking to sell the ringgit on

rallies.

"USD/MYR can't stay below 3.6. A U.S. rate hike is certain

in the second half," said a senior Malaysian bank trader in

Kuala Lumpur.

CURRENCIES VS U.S. DOLLAR

Change on the day at 0525 GMT

Currency Latest bid Previous day Pct Move

Japan yen 118.96 118.87 -0.08

Sing dlr 1.3540 1.3532 -0.06

Taiwan dlr 31.430 31.532 +0.32

Korean won 1097.60 1099.00 +0.13

Baht 32.36 32.52 +0.49

Peso 44.10 44.12 +0.05

Rupiah 12860.00 12872.00 +0.09

Rupee 61.97 62.03 +0.09

Ringgit 3.5970 3.6055 +0.24

Yuan 6.2596 6.2598 +0.00

Change so far in 2015

Currency Latest bid End prev year Pct Move

Japan yen 118.96 119.66 +0.58

Sing dlr 1.3540 1.3260 -2.07

Taiwan dlr 31.430 31.718 +0.92

Korean won 1097.60 1099.30 +0.15

Baht 32.36 32.90 +1.67

Peso 44.10 44.72 +1.41

Rupiah 12860.00 12380.00 -3.73

Rupee 61.97 63.03 +1.71

Ringgit 3.5970 3.4965 -2.79

Yuan 6.2596 6.2040 -0.89

(Additional reporting by Roger Tung in TAIPEI and IFR Markets'

Catherine Tan; Editing by Kim Coghill)