(Adds text, updates prices)
By Patturaja Murugaboopathy
June 11 (Reuters) - Most emerging Asian currencies edged
higher on Monday ahead of a U.S.-North Korea summit that might
ease regional tensions, while traders also focus on key central
bank meetings later this week.
U.S. President Donald Trump and North Korean leader Kim Jong
Un will have an unprecedented meeting on Tuesday in Singapore,
possibly laying the groundwork for ending a nuclear stand-off
between the old foes.
The South Korean won and the Indian rupee
both about a quarter percent each, while the Singapore
dollar and Thai baht also advanced.
"The market is probably a bit too positive, thinking
everything will go great," said Stephen Innes, head of
Asia-Pacific trading for Oanda in Singapore, referring to the
U.S.-North Korea summit.
"Risk-on environment is driving the currency markets in
However, analysts expect regional currencies to trade more
cautiously with a raft of major central bank policy meetings
coming by Friday.
The Federal Reserve is expected to hike its interest rates
for the second time this year at its policy meeting on Tuesday
and Wednesday. Some analysts also believe the Fed will hint at
raising rates a total of four times during 2018.
The European Central bank meets on Thursday 14, when it
could signal intentions to start unwinding its massive bond
Last week, the ECB's chief economist said the central bank
will debate whether to end bond purchases later this year, a
hawkish message which hit emerging markets.
Andy Ji, currency strategist at Commonwealth Bank of
Australia in Singapore, expects Asian currencies "to end the
week lower on tweaks to the ECB's forward guidance".
Regional currencies' reaction to Trump's backing out of a
joint Group of Seven communique over the weekend, was relatively
muted on Monday.
The Philippine peso was the biggest loser as
concerns over its current account deficit continue to hurt the
On Friday, the Philippine statistics agency said the trade
deficit widened to a four-month high in April on robust imports
of capital and consumer goods and as weak demand overseas dented
The following table shows rates for Asian currencies against
the dollar at 0553 GMT.
CURRENCIES VS U.S. DOLLAR
Change as of 0553 GMT
Currency Latest Previous Pct
bid day Move
Japan yen 109.790 109.53 -0.24
Sing dlr 1.334 1.3350 +0.09
Taiwan dlr 29.820 29.816 -0.01
Korean won 1073.30 1075.9 +0.24
Baht 32.030 32.06 +0.09
Peso 52.790 52.7 -0.17
Rupee 67.350 67.50 +0.22
Ringgit 3.987 3.987 +0.00
Yuan 6.407 6.4090 +0.03
*Indonesian markets are closed
this week for Eid Al-Fitr
Change so far in 2018
Currency Latest End 2017 Pct
Japan yen 109.790 112.67 +2.62
Sing dlr 1.334 1.3373 +0.26
Taiwan dlr 29.820 29.848 +0.09
Korean won 1073.30 1070.50 -0.26
Baht 32.030 32.58 +1.72
Peso 52.790 49.93 -5.42
Rupiah 13925.0 13565 -2.59
Rupee 67.350 63.87 -5.17
Ringgit 3.987 4.0440 +1.43
Yuan 6.407 6.5069 +1.56
(Reporting by Patturaja Murugaboopathy in Bengaluru; Editing by