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* S.Korean won closes at lowest level since Nov. 8
* Singapore"s Oct exports rise 17.9%, beat forecast
* Indonesia, Philippine c.bank policy reviews in focus
By Arundhati Dutta
Nov 17 (Reuters) - Most emerging Asian currencies fell on
Wednesday as the dollar climbed and U.S. Treasury yields rose,
with the South Korean won closing at its lowest in more than a
week due to a surge of COVID-19 cases.
The won weakened by 0.2% and closed onshore trade
at its lowest since Nov. 8. The Indonesian rupiah, the
Malaysian ringgit and the Thai baht lost between
0.1% and 0.3%.
A run of strong economic data in the United States,
including a surge in October retail sales, has kept the dollar
hovering close to a 1-1/2-year peak for the past few days.
"Regional currencies are likely affected by the rising U.S.
Treasury yields as inflation concerns as well as strong U.S data
raised expectations for the Federal Reserve (Fed) to quicken
monetary policy normalization," said Fiona Lim, an FX strategist
with Maybank.
U.S. bond yields rose overnight ahead of the Treasury"s sale
of 20-year paper later in the day. They"ve been on an upswing
since data showed last Wednesday that consumer prices for
October posted their biggest gain in 31 years.
Shares in Indonesia and the Philippines were
subdued in low-volume trade as investors stayed on the sidelines
ahead of central bank policy reviews on Thursday.
Both central banks are expected to hold interest rates to
aid pandemic recovery, according to Reuters polls. Since the
pandemic started, Bank Indonesia has slashed rates by 150 basis
points and the Bangko Sentral ng Pilipinas has cut rates by 200
basis points.
Most Asian central banks have promised to keep interest
rates low until at least the end of 2022 to help their economies
recover from the pandemic lows. But if the Fed starts tightening
policy sooner than expected, they will be pressured to follow
suit.
Singaporean stocks shed 0.4%, even as the
city-state"s October non-oil domestic exports (NODX) jumped
17.9% from a year earlier to beat forecasts.
"Given the start-stop nature of the global recovery, the YoY
changes remain volatile and susceptible to further swings in the
months ahead," Nicholas Mapa, an analyst at ING, wrote in a
note.
South Korean stocks ended 1.2% lower after the
country reported 3,187 new infections for Tuesday, the
second-highest since the pandemic began.
On the upside, shares in Thailand and Taiwan
jumped 0.1% and 0.4%, respectively.
HIGHLIGHTS:
** Indonesian 10-year benchmark yields are down 2 basis
points at 6.177
** Singapore"s 10-year benchmark yield is up 0.5 basis point
at 1.8%
** Mapletree Logistics Trust and Wilmar
International among top losers on the Singapore
benchmark
Asia stock indexes and
currencies at 0750 GMT
COUNTRY FX RIC FX FX INDE STOCK STOCK
DAILY YTD % X S S YTD
% DAILY %
%
Japan -0.04 -10.1 <.N2 -0.40 8.18
2 25>
China
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