* Ringgit down vs U.S. dlr, Sing dlr on budget caution
* Philippine peso falls on dlr short-covering
* Won turns up on exporters, stop-loss dlr selling
(Adds text, updates prices)
By Jongwoo Cheon
SINGAPORE, Oct 22 (Reuters) - Most emerging Asian currencies
fell on Tuesday as investors awaited U.S. jobs data for clues on
whether the Federal Reserve will start scaling back its stimulus
The Malaysian ringgit also slid as investors cut
bullish bets abead of the country's 2014 budget on Friday.
The Philippine peso eased as investors reduced
long positions in case U.S. September payrolls number due later
in the day is stronger than expected.
U.S. non-farm payrolls are expected to have increased
180,000 last month with the jobless rate steady at 7.3 percent,
according to a Reuters poll.
A positive surprise in the jobs data could lift the dollar
and put more pressure on emerging Asian currencies, analysts and
Still, analysts say any rise in the dollar on an upside
surprise could be limited, since the September jobs data will
shed little light on the economic impact of this month's U.S.
The closure increased expectations that the Fed may keep its
bond-buying programme in place longer, helping most emerging
Asian currencies appreciate.
"A stronger figure is unlikely to change views that the Fed
may taper sooner with some expectations of its policy shift in
March," said Yuna Park, a currency and bond analyst at Dongbu
Securities in Seoul.
"Asian currencies are seen strengthening a bit more in the
fourth quarter unless the dollar sees a big rebound," Park
Chicago Federal Reserve President Charles Evans told CNBC
television in an interview that it will be "tough" for the Fed
to have sufficient confidence in the strength of the U.S.
recovery by its December meeting to start scaling back its
The ringgit fell against both to the U.S. dollar and the
Singapore dollar as investors continued to trim long positions
in the Malaysian currency before the budget.
Prime Minister Najib Razak will trim the government's hefty
subsidy bill and likely announce a new consumption tax as he
delivers a budget seen as crucial to ward off a possible credit
downgrade and reassure investors over the country's fast-growing
But the budget is unlikely to make drastic cuts to subsidies
that take up about a fifth of government spending, or include
deeper reforms such as reducing a bloated, but politically
influential, civil service.
The ringgit later pared some of earlier losses, while the
three-year government bond yield dipped to 3.151
percent, the lowest since June 11.
The peso eased as investors covered short positions in the
dollar before the U.S. jobs data.
A senior Philippine bank trader said the peso may weaken to
43.40 per dollar if the U.S. payroll number is stronger than
Still, the Philippine currency found relief from exporters'
demand, while government bond yields slid.
The three-year bond yield fell to 2.492 percent,
the lowest since Aug. 15. Ten- and five-year yields
The South Korean won turned higher as exporters'
month-end demand prompted short squeezes.
Foreign investors were set to extend their buying spree in
Seoul's main stock market to a record 38th consecutive
The won started the local session weaker on selling from
offshore funds amid growing caution over possible intervention
by the foreign exchange authorities to stem its appreciation.
"They will defend until exporters' deals intensify," said a
senior foreign bank trader in Seoul.
CURRENCIES VS U.S. DOLLAR
Change on the day at 0440 GMT
Currency Latest bid Previous day Pct Move
Japan yen 98.30 98.18 -0.12
Sing dlr 1.2421 1.2420 -0.01
Taiwan dlr 29.406 29.482 +0.26
Korean won 1060.80 1062.20 +0.13
Baht 31.13 31.09 -0.13
Peso 43.21 43.14 -0.16
Rupiah 11335.00 11353.00 +0.16
Rupee 61.76 61.52 -0.39
Ringgit 3.1815 3.1700 -0.36
Yuan 6.0942 6.0925 -0.03
Change so far in 2013
Currency Latest bid End prev year Pct Move
Japan yen 98.30 86.79 -11.71
Sing dlr 1.2421 1.2219 -1.63
Taiwan dlr 29.406 29.136 -0.92
Korean won 1060.80 1070.60 +0.92
Baht 31.13 30.61 -1.67
Peso 43.21 41.05 -5.00
Rupiah 11335.00 9630.00 -15.04
Rupee 61.76 54.99 -10.96
Ringgit 3.1815 3.0580 -3.88
Yuan 6.0942 6.2303 +2.23
(Additional reporting by IFR Markets' Catherine Tan; Editing by
- Budget, Tax & Economy