EM ASIA FX-Won leads Asia FX losses on U.S. rate hike views
* Offshore funds sell won, S.Korean stocks
* Philippine peso at 5-year low after foreign stock selling
(Adds text, updates prices)
By Jongwoo Cheon
SINGAPORE, July 30 (Reuters) - Most emerging Asian
currencies slid on Thursday as U.S. economic growth data due to
be released later could fuel speculation that U.S. interest
rates could be raised as soon as September after the Federal
Reserve left the door open for tightening.
South Korea's won led regional losses as
foreigners sold shares after disappointing corporate
earnings.
The Philippine peso touched a five-year low as
foreigners sold stocks there as well.
The Fed on Wednesday after its policy meeting said that the
U.S. economy and job market continue to strengthen, indicating
the central bank may raise rates when policymakers next meet in
September.
The first estimate for U.S. second quarter economic growth
is due later on Thursday. The world's largest economy is seen
returning to expansion after a contraction in the first three
months due to a severe winter.
The U.S. dollar rose against a basket of six major
currencies and U.S. Treasury yields also advanced.
"We maintain a forecast for a September increasee as the
Fed's view of the economy remained upbeat. We may see some
volatility on economic data until September, but the expectation
wouldn't be changed," said Jeong My-young, Samsung Futures'
research head in Seoul.
"Asian currencies have not yet sufficiently priced in the
possibility of September liftoff. That will hurt regional
currencies further," Jeong said.
WON
The won slid as offshore funds added dollar holdings after
the Fed's policy statement.
South Korea's exporters bought the won for settlements on
dips, but that was more than offset by foreign investors
selling.
Seoul shares lost 0.7 percent, bucking against gains in
regional equities, as Samsung Electronics Co Ltd
offered a downbeat outlook for the third quarter.
PHILIPPINE PESO
The peso eased 0.2 percent to 45.63 per dollar,
its weakest since July 2010.
Foreign investors were net sellers in Manila's stock market
in the previous six consecutive sessions, unloading a combined
net 4.5 billion peso ($98.7 million) worth of shares, according
to the Philippine Stock Exchange data.
A Philippine bank currency trader in Manila expected the
peso to weaken further, probably to 45.75-45.80, on growing
expectations of higher U.S. interest rates.
Investors are becoming more cautious investing in the peso
due to uncertainty over who will succeed President Benigno
Aquino after an election next year. Aquino's reforms and
campaign for better governance had been welcomed by foreign
investors.
CURRENCIES VS U.S. DOLLAR
Change on the day at 0525 GMT
Currency Latest bid Previous day Pct Move
Japan yen 124.09 123.95 -0.12
Sing dlr 1.3701 1.3690 -0.08
Taiwan dlr 31.429 31.523 +0.30
Korean won 1168.60 1158.40 -0.87
*Baht 34.94 34.94 +0.00
Peso 45.62 45.53 -0.19
Rupiah 13465.00 13455.00 -0.07
Rupee 63.95 63.91 -0.06
Ringgit 3.8130 3.8110 -0.05
Yuan 6.2096 6.2091 -0.01
Change so far in 2015
Currency Latest bid End prev year Pct Move
Japan yen 124.09 119.66 -3.57
Sing dlr 1.3701 1.3260 -3.22
Taiwan dlr 31.429 31.718 +0.92
Korean won 1168.60 1099.30 -5.93
Baht 34.94 32.90 -5.84
Peso 45.62 44.72 -1.96
Rupiah 13465.00 12380.00 -8.06
Rupee 63.95 63.03 -1.44
Ringgit 3.8130 3.4965 -8.30
Yuan 6.2096 6.2040 -0.09
($1 = 45.61 Philippine peso)
* Financial markets in Thailand are closed for a public
holiday.
(Editing by Simon Cameron-Moore)
