(Adds text, updates prices)
By Aby Jose Koilparambil
Jan 8 (Reuters) - Most Asian currencies inched down on
Tuesday as the dollar steadied after three sessions of losses,
helped by positive signals about ongoing Sino-U.S. trade talks.
U.S. Commerce Secretary Wilbur Ross predicted Beijing and
Washington could reach a "reasonable settlement" as officials
from the world's two largest economies resumed talks in a bid to
end a dispute that has roiled global markets.
As the talks' first day ended on Monday, Chinese importers
made a third large purchase of U.S. soybeans in the past month,
Chicago-based traders said.
Barring any negative events, emerging market currencies
could enter a comfortable period in the short term as
expectations of no further U.S. Federal Reserve rate hikes for a
prolonged period is likely to keep the greenback under pressure.
"We look for the dollar to continue to bleed lower in the
short term. The key 200-week moving average for the dollar at
95.90 may remain a pivot point," OCBC Bank said in a note on
Some investors are convinced the U.S. will not raise
interest rates this year over domestic growth worries after
dovish statements by Fed Chairman Jerome Powell on Friday.
The Korean won declined as much as 0.6 percent
after South Korea's Samsung Electronics Co Ltd, the
world's biggest maker of smartphones and semiconductors, on
Tuesday estimated a 29 percent drop in operating profit for
October-December, its first decline in two years.
Higher oil prices put the region's net importers under
pressure, with the Indian rupee weakening as much as
0.6 percent to 70.11 against the dollar.
Oil prices edged up on Tuesday, supported by hopes that for
U.S.-Chinese talks in Beijing, while the start of OPEC-led
supply cuts also tightened markets.
The Indonesian rupiah, another currency impacted by
oil prices, erased initial gains and slipped 0.2 percent.
The Thai baht weakened as much as 0.3 percent while
the Chinese yuan shed 0.1 percent.
The Taiwanese dollar edged down 0.1 percent to
30.84 against the dollar.
Taiwan on Monday reported a 3 percent decline in December
exports from a year earlier, reflecting the impact of the
U.S.-China trade war and weaker global demand for tech gadgets.
Later on Tuesday, Taiwan will report December inflation,
which is expected to have cooled.
The following table shows rates for Asian currencies against
the dollar at 0512 GMT.
CURRENCIES VS U.S. DOLLAR
Currency Latest bid Previous day Pct Move
Japan yen 108.950 108.7 -0.23
Sing dlr 1.358 1.3560 -0.17
Taiwan dlr 30.839 30.812 -0.09
Korean won 1124.800 1118.6 -0.55
Baht 32.070 32 -0.22
Peso 52.380 52.58 +0.38
Rupiah 14110.000 14085 -0.18
Rupee 70.105 69.68 -0.61
Ringgit 4.109 4.113 +0.10
Yuan 6.857 6.8505 -0.10
Change so far in 2019
Currency Latest bid End 2018 Pct Move
Japan yen 108.950 109.56 +0.56
Sing dlr 1.358 1.3627 +0.32
Taiwan dlr 30.839 30.733 -0.34
Korean won 1124.800 1115.70 -0.81
Baht 32.070 32.55 +1.50
Peso 52.380 52.58 +0.38
Rupiah 14110.000 14375 +1.88
Rupee 70.105 69.77 -0.48
Ringgit 4.109 4.1300 +0.51
Yuan 6.857 6.8730 +0.23
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by