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Wednesday, February 12, 2020

EM ASIA FX-Export-dependent Asian units take comfort from drop in new virus cases - Nasdaq

By Shriya Ramakrishnan

Feb 12 (Reuters) - Currencies of export-focused Asian countries notched gains against the dollar on Wednesday, as a slowdown in the pace of new coronavirus infections fuelled hopes that the worst of the epidemic might be over.

China on Wednesday reported its lowest number of new coronavirus cases since late January, lending credence to a prediction from the country's senior medical adviser that the outbreak could be over by April.

An uptick in U.S. yields, as bond prices fell, and the accompanying rise in global equities suggested a slow return to higher investor risk appetites, with the dollar losing ground against Asian currencies. US/USD/

"It is important that we see containment efforts materialising into actual containment of the virus - new cases continue to slow, while recovery rises and outside-China spread is contained," Christopher Wong, a senior FX strategist at Maybank Singapore said.

The Thai baht THB=TH strengthened 0.5% to 31.11 against the greenback, while the Chinese yuan CNY=CFXS edged up.

The baht is the worst performing emerging Asian currency this year - a reversal from its position as Asia's best performing currency last year and in 2018 - as the virus outbreak hurts Thailand's lucrative tourism sector.

The South Korean won KRW=KFTC advanced 0.3%, while the Taiwan dollar TWD=TP also gained 0.3% to its strongest level in more than three weeks.

The Malaysian ringgit MYR= erased early gains to edge down 0.1%.

Malaysia's central bank said on Wednesday there was "ample room" for a rate cut after economic growth slowed to the weakest in a decade in the fourth quarter and the coronavirus outbreak threatened to pile more pressure this year.

The Indian rupee INR= inched lower, ahead of the release of inflation data later in the day. Inflation is expected to rise to a near six-year peak in January as food prices stayed high, according to a Reuters poll.

The Indonesian rupiah IDR= traded little changed, while the Philippine peso PHP= dipped slightly.

CURRENCIES VS U.S. DOLLAR

Change on the day at 0545 GMT

Currency

Latest bid

Previous day

Pct Move

Japan yen

109.850

109.77

-0.07

Sing dlr

1.385

1.3861

+0.09

Taiwan dlr

29.973

30.068

+0.32

Korean won

1177.600

1181.6

+0.34

Baht

31.110

31.275

+0.53

Peso

50.510

50.5

-0.02

Rupiah

13655.000

13660

+0.04

Rupee

71.240

71.23

-0.01

Ringgit

4.135

4.131

-0.10

Yuan

6.960

6.9660

+0.08

Change so far in 2020

Currency

Latest bid

End 2019

Pct Move

Japan yen

109.850

108.61

-1.13

Sing dlr

1.385

1.3444

-2.92

Taiwan dlr

29.973

30.106

+0.44

Korean won

1177.600

1156.40

-1.80

Baht

31.110

29.91

-3.86

Peso

50.510

50.65

+0.28

Rupiah

13655.000

13880

+1.65

Rupee

71.240

71.38

+0.20

Ringgit

4.135

4.0890

-1.11

(Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Aditya Soni)

((Shriya.Ramakrishnan@thomsonreuters.com; +91 8061822842 ;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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February 12, 2020 at 01:25PM
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EM ASIA FX-Export-dependent Asian units take comfort from drop in new virus cases - Nasdaq
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