EM ASIA FX-Asia FX down, but pare losses on China factory survey
* Won down on foreigners' stock selling
* Philippine peso near 5-month low; 44.618/dlr supported
(Adds text, updates prices)
By Jongwoo Cheon
SINGAPORE, Sept 23 (Reuters) - Most emerging Asian
currencies pared their losses on Tuesday after a
stronger-than-expected China factory survey calmed some of the
concerns over a slowdown in the world's second-largest economy.
Activity in China's manufacturing sector unexpectedly picked
up in September with the HSBC/Markit Flash China Purchasing
Managers' Index (PMI) rising to 50.5 from August final reading
of 50.2. It was higher than a forecast of 50.0 in a Reuters
poll.
The survey helped regional shares recoup all of earlier
losses.
Emerging Asian currencies, however, were still in the red as
China's factory employment slumped to a 5-1/2-year low in
September, the same survey showed. That would be a potential
source of concerns for Communist leaders who prize social
stability above all else.
"A higher number is better than a bad one," said Jeong
My-young, Samsung Futures' research head in Seoul.
"I still doubt if the PMI would support Asian currencies
further as it does not mean that the Chinese economy is reviving
and it may reduce chances of more stimulus."
The People's Bank of China injected money into the country's
top banks to support the economy, the official Xinhua news
agency on Friday quoted the chairman of number two lender China
Construction Bank as saying.
WON
The won fell as foreign investors were set to become net
sellers in Seoul's main stock exchange for a fourth
consecutive session.
The currency pared most of its earlier losses after the
improved news on China, South Korea's top exports market.
Local exporters also bought the won for month-end
settlements.
PHILIPPINE PESO
The peso lost as much as 0.3 percent to 44.605 per dollar,
its weakest since April 30.
The Philippine currency has chart support at 44.618, the
61.8 percent Fibonacci retracement of its appreciation between
February and July.
"It can be a decent level to sell dollar/peso," said a
senior Philippine bank trader in Manila.
The peso may drop to 44.790 - a low hit on April 25. If that
level is breached, the next target is at 44.955, the 76.4
percent retracement of its Feb-July appreciation, analysts said.
CURRENCIES VS U.S. DOLLAR
Change on the day at 0xxx GMT
Currency Latest bid Previous day Pct Move
Japan yen 108.75 108.84 +0.08
Sing dlr 1.2667 1.2698 +0.24
Taiwan dlr 30.232 30.229 -0.01
Korean won 1041.30 1040.70 -0.06
Baht 32.23 32.22 -0.02
Peso 44.57 44.47 -0.22
Rupiah 11980.00 11972.00 -0.07
Rupee 60.89 60.82 -0.11
Ringgit 3.2460 3.2445 -0.05
Yuan 6.1404 6.1404 +0.00
Change so far in 2014
Currency Latest bid End prev year Pct Move
Japan yen 108.75 105.28 -3.20
Sing dlr 1.2667 1.2632 -0.28
Taiwan dlr 30.232 29.950 -0.93
Korean won 1041.30 1055.40 +1.35
Baht 32.23 32.86 +1.97
Peso 44.57 44.40 -0.39
Rupiah 11980.00 12160.00 +1.50
Rupee 60.89 61.80 +1.50
Ringgit 3.2460 3.2755 +0.91
Yuan 6.1404 6.0539 -1.41
(Additional reporting by Reuters FX Analyst Krishna Kumar in
SYDNEY; Editing by)
