SINGAPORE, Sept 14 — Most emerging Asian currencies slipped today as the US dollar held steady near a four-week high against the yen ahead of the US consumer inflation data later in the day.
Nath Wongsaroj, corporate treasury trader at Mizuho Bank, said Asian markets were quiet and Asian FX fell on a bullish dollar, boosted by US Treasury bond yields that rose to 2.18 per cent.
The US dollar, which slid to a 10-month low last week, stood tall, lifted as US Treasury yields climbed to a 2-1/2-week highs.
A near-term focus is the US inflation data that will be important to the U.S. Federal Reserve as it considers the timing of its next rate rise.
Expectations for the Fed to hike rates again in 2017 have waned amid sluggish US inflation.
In Asian currencies, the Korean won led today's falls, down as much as 0.4 per cent to a one-week low.
The Philippine peso posted its biggest intraday percentage fall in almost four weeks, while Indonesia's rupiah declined 0.3 per cent.
The Indian rupee also lost as much as 0.3 per cent, hitting its lowest point since Sept 6.
China's yuan was little changed by data that showed the country's factory output grew 6.0 per cent in August from a year earlier, less than forecasts.
South Korea's won
The South Korean won edged lower early today, the expiration day for Seoul stock options and futures.
The won was quoted at 1,133 against the US dollar, down 0.4 per cent compared with yesterday's close of 1,128.5.
China's yuan traded flat today, before inching down slightly in early trade.
Data released in the day showed China's factory output grew 6.0 per cent in August from a year earlier, while fixed-asset investment expanded 7.8 per cent in the first eight months, both well below economists' forecasts.
Prior to market opening, China's central bank lowered its official yuan midpoint for a third consecutive day, to 6.5465 per US dollar, the weakest level since Sept 4. — Reuters