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* Peso slips most in nearly four weeks
* Thai baht falls from a near 2-month high
* China factory activity contracts in August
By Sameer Manekar
Sept 1 (Reuters) - The Philippine peso and the Thai baht
weakened over half a percent each on Wednesday, leading declines
among largely mixed Asian currencies as a slew of soft regional
economic data as well as from the United States and China
weighed on the sentiment.
The Philippine peso slipped as much as 0.8% to 50.03
per dollar after data showed manufacturing activity contracted
in August as compared with last month, while the Thai baht
slipped from a near two-month high scaled in the
previous session.
A raft of IHS Markit data showed factory activity in Asia
lost momentum in August due to a resurgence in coronavirus
cases, with China - the region"s biggest trading partner -
logging a contraction for the first time since April last year.
The peso marked its worst intraday drop in nearly four
weeks, while equities in Manila declined more than a
percent as the daily coronavirus cases in the country touched a
record high earlier in the week.
"With COVID risks intact, recovery in the Philippine peso
could be choppy, particularly against regional peers," analysts
at Maybank said in a note.
"On a forward-looking note though, regional economies such
as Indonesia, Thailand and Malaysia have begun easing curbs
alongside stabilization/decline in their COVID case trajectories
and this could hint at more benign outturns ahead."
Among other Asian currencies, the Malaysian ringgit,
South Korean won, and the Taiwanese dollar
were the top gainers, appreciating as much as 0.3% as the U.S.
dollar remained pinned near its three-week lows.
The U.S. dollar index, which measures the greenback
against a basket of currencies, traded at 92.744 as of 0310 GMT
as investors awaited a key jobs report due on Friday for clues
on the Federal Reserve"s tapering timeline.
A weaker August non-farm payroll number could solidify the
case for the Fed prolonging its dovish stance, adding further
pressure on the U.S. dollar.
"A much stronger than expected labour market report could
reignite expectations of faster Fed normalisation, providing
support for the dollar," analysts at Maybank said.
Among equities, shares in Malaysia were the top
loser at 0.5% even as the government said its 2022 budget will
prioritise economic recovery. However, it is expecting the
fiscal deficit to widen to between 6.5% to 7% of gross domestic
product in 2021.
Singapore shares advanced more than 1% after losing
1.5% on Tuesday, while equities in Seoul put on 0.5% in
their fourth straight session of gains.
HIGHLIGHTS:
** Indonesian 10-year benchmark yields fall 2.3 basis points
to 6.054%
** China Evergrande Group"s shares and bonds
extend declines - nL1N2Q303B
** India"s economy grows 20.1% y/y in June qtr - nL1N2Q20Y9
Asia stock indexes and
currencies at 0346 GMT
COUNTRY FX RIC FX FX INDE STOCK STOCK
DAILY YTD X S S YTD
% % DAILY %
%
Japan -0.13 -6.2 <.N2 1.27 3.65
8 25>
China
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