EM ASIA FX-Asian currencies retreat as U.S. tax reforms loom

(Adds details, updates prices)

By Ambar Warrick

Oct 20 (Reuters) - Asian currencies slipped against the

dollar on Friday as the greenback strengthened after U.S.

President Donald Trump's tax reform agenda cleared a critical

hurdle overnight.

The Republican-controlled Senate approved a budget blueprint

for the 2018 fiscal year that could add up to $1.5 trillion to

the federal deficit over the next decade in order to pay for

proposed tax cuts.

" The U.S. Senate has passed a budget resolution which paves

the way for potential tax reforms in the U.S. So that has seen

the dollar strengthen and U.S. yields move higher, as a result

we've seen Asian currencies weaken," said Khoon Goh, head of

Asia Research at ANZ.

He added that the tax reforms would take the centre stage

for investors and keep Asian currencies on the back foot.

The Singapore dollar fell to a 1-week low against

the dollar, and was on track to end the week about 0.8 percent

lower.

South Korea's won relinquished early gains and

fell against the dollar and was due to end the week about 0.3

percent lower.

The Philippine peso was one of the few gainers

among Asian currencies after September data revealed the

country's first balance of payments surplus in five months.

The peso was on track to end lower for a fourth consecutive

week.

The Indian rupee did not trade as markets were

closed for a public holiday.

CHINESE YUAN

China's yuan was among the biggest percentage

losers in Asian currencies for the week as caution over a key

leadership meeting in the country, as well as softer

third-quarter economic growth and strong corporate dollar

demand, took a toll on the currency.

The market has speculated about a possible widening in the

yuan trading band after the 19th Party Congress. However, the

People's Bank of China Governor Zhou Xiaochuan said on Thursday

that it was not a key issue at the moment.

"While data from China suggested a marginal slowdown in

growth as expected, remarks from PBoC’s Zhou that China might

face a 'Minsky moment' has sent jitters into the market amid

renewed concerns about China's mounting levels of debt," Mizuho

Bank said in a research note.

The following table shows rates for Asian currencies against

the dollar as of 0448 GMT.

CURRENCIES VS U.S. DOLLAR

Change on the day at

0448 GMT

Currency Latest bid Previous day Pct Move

Japan yen 113.160 112.53 -0.56

Sing dlr 1.359 1.3564 -0.21

Taiwan dlr 30.224 30.230 +0.02

Korean won 1132.500 1132.4 -0.01

Baht 33.140 33.11 -0.09

Peso 51.470 51.53 +0.12

Rupiah 13523.000 13521 -0.01

Ringgit 4.224 4.222 -0.05

Yuan 6.624 6.6170 -0.10

Change so far in 2017

Currency Latest bid End 2016 Pct Move

Japan yen 113.160 117.07 +3.46

Sing dlr 1.359 1.4490 +6.61

Taiwan dlr 30.224 32.279 +6.80

Korean won 1132.500 1207.70 +6.64

Baht 33.140 35.80 +8.03

Peso 51.470 49.72 -3.40

Rupiah 13523.000 13470 -0.39

Ringgit 4.224 4.4845 +6.17

Yuan 6.624 6.9467 +4.88

(Reporting by Ambar Warrick in Bengaluru; Editing by Eric

Meijer)