EM ASIA FX-Won, Philippine peso top gainers as risk sentiment improves

* Weak Philippine exports data caps peso upside

* Won's upside limited on importers, N.Korea; missile eyed

* Ringgit cuts gains after 3-mth high with election date set

* S.Korea c.bank to cut rate on Thur; BI to hold rate

(Adds text, updates prices)

By Jongwoo Cheon

SINGAPORE, April 10 (Reuters) - The South Korean won and the

Philippine peso led emerging Asian currencies higher on

Wednesday as risk sentiment improved after strong China trade

data and a record Wall Street finish.

The Bank of Japan's bold easing programme also helped drive

up the Indonesian rupiah and the Malaysian ringgit

on views that investors will borrow a cheaper yen and

seek higher yields in Southeast Asia, traders said.

China's imports jumped 14.1 percent in March from a year

earlier, far exceeding expectations, indicating that domestic

demand in the world's second-largest economy was gathering steam

for a recovery.

"With risk appetite levels looking placid, markets may also

attempt to utilize any further indications of a global recovery

to channel into risk sensitive assets, especially if the FOMC

minutes tonight do not point to any urgency to tilt towards an

exit strategy," OCBC Bank said in a note.

The U.S. Federal Reserve is set to release the minutes of

the last monetary policy meeting and investors will look for

clues on whether the Fed would slow or halt its asset buying

stimulus.

In Asia, the central banks of South Korea and Indonesia are

scheduled to hold rate-setting meetings on Thursday. Bank of

Korea is expected to cut the interest rate, while Bank Indonesia

(BI) is seen leaving its benchmark rate unchanged, a pair of

Reuters poll showed.

PHILIPPINE PESO

The peso rose as interbank speculators covered short

positions, although data showing declining exports capped the

currency's upside, traders said.

Philippine exports fell for the second consecutive month in

February, posting the steepest drop in 14 months, casting doubt

on the government's first quarter growth forecast.

"It is more of temporary long dollar fix adjustment," said a

Philippine bank trader in Manila, referring to cutting bullish

dollar positions.

"But weak data may lead to an eventual weakening of the

peso," the trader said, adding the local currency is seen having

resistance around 41.10.

RUPIAH

The rupiah gained on bond inflows, although dollar demand

from corporates limited its gains, traders said.

BI was seen buying the rupiah from 9,710 per dollar, traders

added.

Investors are keeping an eye on whether BI tightens policy

by hiking the overnight deposit facility rate, called FASBI, to

help ease the country's current account deficit.

"BI should increase the FASBI rate this or next month,

although I think the next month is more possible," said a

Jakarta-based trader, adding the raise would support the rupiah.

WON

The won gained on demand from exporters' for settlements and

as local investors covered more short positions.

But its upside was capped by the geopolitical tension in the

peninsula and expectations of dollar demand linked to companies'

dividend payments to foreign shareholders.

South Korea said it has asked China, North Korea's only

major ally, to rein in the hermit state and has raised its

surveillance after the North moved at least one long-range

missile in readiness for a possible launch.

Local importers bought dollars for payments, traders said.

But some investors expected the won to rebound a bit more as

the currency is still seen excessively sold.

Seoul does not consider recent foreign capital outflows from

its markets to be a major cause for concern and that foreign

currency liquidity conditions remain stable, a senior finance

ministry official also said.

"The won is expected fall, probably to 1,145 per dollar, if

the North launches a missile, but it will quickly rebound.

Dollar long positions look still heavy," said a senior foreign

bank trader in Seoul.

The dollar/won's 14-day RSI stood at 70.4, still above the

70-threshold.

"I think the won saw a bottom, so it will be better to buy

the won whenever it falls," the trader added.

RINGGIT

The ringgit earlier hit 3.0180 to the U.S. dollar, its

strongest since Jan. 21, according to Thomson Reuters data, on

bond inflows and demand against the Singapore dollar.

The five-year government bond yield fell to 3.168

percent and the 10-year bond yield slid to 3.399

percent. Both were their lowest since late July last year.

But the Malaysian currency gave up most of earlier gains as

investors took profits after the country set May 5 as a date for

a general election.

Traders and analysts said the ringgit has priced a narrow

victory for the National Front led by Prime Minister Najib Razak

in. Opinion polls also suggest such a result.

CURRENCIES VS U.S. DOLLAR

Change on the day at 0645 GMT

Currency Latest bid Previous day Pct Move

Japan yen 99.09 99.04 -0.05

Sing dlr 1.2373 1.2395 +0.18

Taiwan dlr 29.982 30.050 +0.23

Korean won 1135.35 1139.40 +0.36

Baht 29.00 29.01 +0.03

Peso 41.13 41.27 +0.35

Rupiah 9695.00 9718.00 +0.24

Rupee 54.53 54.58 +0.10

Ringgit 3.0335 3.0370 +0.12

Yuan 6.1935 6.2024 +0.14

Change so far in 2013

Currency Latest bid End prev year Pct Move

Japan yen 99.09 86.79 -12.41

Sing dlr 1.2373 1.2219 -1.24

Taiwan dlr 29.982 29.136 -2.82

Korean won 1135.35 1070.60 -5.70

Baht 29.00 30.61 +5.55

Peso 41.13 41.05 -0.18

Rupiah 9695.00 9630.00 -0.67

Rupee 54.53 54.99 +0.85

Ringgit 3.0335 3.0580 +0.81

Yuan 6.1935 6.2303 +0.59

(Additional reporting by IFR Markets' Catherine Tan; Editing by

Sanjeev Miglani)

Source: http://news.yahoo.com/em-asia-fx-won-philippine-peso-top-gainers-074412266--finance.html

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