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* Singapore dollar weakens 0.15%
* U.S. CPI growth slows in July
* Philippine c.bank seen holding key rate - Reuters poll
* Thai markets closed for public holiday
By Sameer Manekar
Aug 12 (Reuters) - Asian currencies were largely subdued on
Thursday, with South Korean won hitting a 10-month low, as
rising coronavirus infections cast a shadow over the region"s
economies.
South Korea"s won weakened 0.3% to hit its lowest
since October, easing for a fourth straight session as the
country battled to contain its worst coronavirus outbreak, due
to the emergence of the highly infectious Delta variant.
Singapore dollar slipped 0.15%, while equities
advanced half a percent, a day after losing 0.9% and the country
hiking its annual growth forecast.
Declines among emerging Asia currencies came despite broad
weakness in the U.S. dollar after data showed a slight
moderation in U.S. consumer prices for July.
The U.S. dollar index slipped off its four-month
peak, while 10-year treasury yields ticked higher on
Thursday after slipping in the previous session.
That eased concerns that the U.S. Federal Reserve would
imminently signal a scaling back of bond purchases and begin
lifting rates from near zero, comforting some of the
risk-sensitive Asian markets, however, only for the time being.
"It is premature to draw conclusions about where inflation
will settle once more of the "transitory" aspects fade given
fiscal stimulus layering on monetary accommodation," said
Venkateswaran Lavanya, an analyst at Mizuho Bank.
"So, it stands to reason that U.S. Treasury yields and U.S.
dollar being contained after recent pick-up is not to be
mistaken for a sustained capitulation; certainly not on account
of one CPI data point."
In Philippines, equities fell nearly a percent as the
country reeled under the pressure of rising cases of the Delta
variant of the coronavirus as well as movement restrictions in
the Manila metropolis.
However, the peso showed some resilience,
strengthening 0.2% ahead of the central bank meeting later in
the day where the Bangko Sentral ng Pilipinas (BSP) is expected
to hold its key interest rate at record-low of 2%, a Reuters
poll showed.
Analysts at Dutch bank ING expect BSP to hold the key rate
steady, but added that "a possible reduction in the reserve
requirement is now likely to help shore up liquidity support".
Elsewhere, Jakarta"s benchmark index gained half a
percent after losing 0.6% earlier in the day, while Malaysian
shares recovered initial losses to trade flat.
Markets in Thailand, were closed for a
public holiday.
HIGHLIGHTS:
** Indonesian 10-year benchmark yields rise 1.1 basis points
to 6.355%
** Taiwan dollar appreciates 0.2%
** Thai c.bank eyes credit market to help kick-start economy
Asia stock indexes and
currencies at 0346 GMT
COUNTRY FX RIC FX FX INDE STOCK STOCK
DAILY YTD X S S YTD
% % DAILY %
%
Japan +0.03 -6.4 <.N2 0.20 2.49
6 25>
China
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