Mixed cues on U.S.-China trade row keep Asian currencies in tight ranges

* Thai baht unchanged after C.Bank holds rates
* Indian rupee slips after Trump tweets

(Adds text, updates prices)
By Ambar Warrick
June 27 (Reuters) - Most Asian currencies moved in tight,
guarded ranges on Thursday as mixed signals on the U.S.-China
trade front added to investors' jitters ahead of the G20 summit
in Japan.
U.S. President Donald Trump said on Wednesday that while a
trade deal with the Chinese President Xi Jinping was possible
during the summit, he was prepared to impose tariffs on
virtually all remaining Chine imports.
Meanwhile, The South China Morning Post, citing sources,
said that Washington and Beijing were laying out an agreement
that would help avert the next round of tariffs. The news caused
some buying in Asian equities.
On the currency front, the Chinese yuan was
largely flat in anticipation of the meeting. The People's Bank
of China set its daily mid-point at a slightly higher than
expected fixing.
Industrial profits in the country rose in May, pointing to
some strength in the import-heavy sector. However, analysts were
unsure if the modest gains could last.
The Indian rupee dropped 0.12% after Trump, on
Twitter, cited India's recent tariff hike on U.S. imports as
"unacceptable".
Earlier in the month, India had imposed higher retaliatory
tariffs on 28 U.S. products after Washington ended its
preferential trade treatment for the country.
The Taiwan dollar rose 0.23% to the dollar, driven
mainly by inflows to the country's equities, which
gained after three straight sessions of losses.
The Thai baht, emerging Asia's best performer this
year, inched slightly up against the dollar after the country's
central bank held its benchmark interest rate.
The currency appeared to be unperturbed by the bank cutting
its 2019 economic growth and exports forecast. The central bank
even flagged that the baht's strength may not be in line with
economic fundamentals.
With the last trading day of the quarter landing on Friday,
Asian currencies will likely see some positioning for the next
six months.

CURRENCIES VS U.S. DOLLAR
Change on the day at 0519 GMT
Currency Latest bid Previous day Pct Move
Japan yen 108.080 107.77 -0.29
Sing dlr 1.355 1.3544 -0.04
Taiwan dlr 31.068 31.140 +0.23
Korean won 1157.500 1156.6 -0.08
Baht 30.760 30.775 +0.05
Peso 51.380 51.35 -0.06
Rupiah 14165.000 14170 +0.04
Rupee 69.233 69.15 -0.12
Ringgit 4.150 4.145 -0.12
Yuan 6.879 6.8803 +0.02

Change so far in 2019
Currency Latest bid End 2018 Pct Move
Japan yen 108.080 109.56 +1.37
Sing dlr 1.355 1.3627 +0.58
Taiwan dlr 31.068 30.733 -1.08
Korean won 1157.500 1115.70 -3.61
Baht 30.760 32.55 +5.82
Peso 51.380 52.47 +2.12
Rupiah 14165.000 14375 +1.48
Rupee 69.233 69.77 +0.78
Ringgit 4.150 4.1300 -0.48
Yuan 6.879 6.8730 -0.09


(Reporting by Ambar Warrick in Bengaluru; Editing by Kim
Coghill)



First Published: 2019-06-27 03:42:53
Updated 2019-06-27 07:43:57


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