Most Asian monies firmer late on yen, U.S. economic hopes<\/p>\n
SINGAPORE (Dow Jones): Most Asian currencies were firmer late
\nWednesday, finding solace from the yen's gains and cautious
\noptimism that the U.S. economy may have hit a bottom, market
\nwatchers said.<\/p>\n
Gains on most of the region's bourses also supported these
\ncurrencies.<\/p>\n
Left out in the cold, the rupiah remained pressured by
\nIndonesia's political quagmire.<\/p>\n
The dollar closed at Rp 11,160, up from Rp 11,050 Tuesday
\nafter trading between Rp 10,950 and Rp 11,350.<\/p>\n
The dollar's dip below Rp 11,000 triggered dollar bids by
\nlocal companies, which propped the unit up, dealers said.<\/p>\n
\"Demand for the dollar from corporate customers will be plenty
\nif there is no real improvement in domestic politics,\" said a
\ndealer with a foreign bank.<\/p>\n
Jakarta and most parts of Indonesia remained calm Wednesday
\nafter the parliament issued a second censure to President
\nAbdurrahman Wahid Monday over his roles on two financial
\nscandals. The censure is a further step toward his impeachment,
\npossibly in August.<\/p>\n
President Wahid has stated that he won't step down despite
\nmounting pressure from parliament. His defiance keeps the
\npolitical conflict alive.<\/p>\n
Hopes that Japan's new prime minister, Junichiro Koizumi, will
\nimplement long-awaited economic reforms bolstered the yen, which
\nin turn inspired gains in the other Asian currencies, especially
\nthe South Korean won.<\/p>\n
The South Korean currency closed 1.3 percent stronger at
\n1,302.8 won against the U.S. dollar, compared with 1,319.7
\npercent Monday.<\/p>\n
At 0835 GMT (3:35 p.m Jakarta time), the U.S. dollar was
\nquoted at Y121.93, below Y122.02 in New York late Tuesday. The
\ndollar was trading around Y123.18 in Tokyo late Tuesday.<\/p>\n
Signs of a stabilizing U.S. economy also buoyed sentiment in
\nAsia, analysts said. Activity in the U.S. manufacturing sector
\ninched up in April and construction remained strong in March,
\nbuoying overall economic growth.<\/p>\n
The National Association of Purchasing Management's new-orders
\nindex rose for the third consecutive month while businesses
\ncontinued to work off the inventory glut that has acted as a drag
\non growth.<\/p>\n
The Philippine peso rebounded 1.4 percent against the U.S.
\ndollar Wednesday as local financial markets cheered President
\nGloria Macapagal Arroyo's decisiveness in crushing efforts to
\nunseat her, dealers said. The benchmark Philippine stock market
\nindex soared 4.1 percent Wednesday.<\/p>\n
The Philippine government promptly restored law and order to
\nthe streets of Manila, following violent clashes between security
\nforces and supporters of deposed leader Joseph Estrada Tuesday.<\/p>\n
The Philippine currency closed at its intraday high of 50.730
\npesos against the U.S. dollar, from 51.45 pesos Wednesday.
\nPhilippine markets were closed Tuesday for the Labor Day holiday.<\/p>\n
But analysts said the euphoria in Philippine financial markets
\nwill likely be short-lived. Political tensions are expected to
\nflare up again ahead of congressional and local elections May 14.<\/p>\n
The Singapore dollar was slightly firmer against its U.S.
\ncounterpart at S$1.8180, compared with S$1.8186 late Monday.
\nSingapore markets were closed Tuesday for the Labor Day holiday.<\/p>\n
The Thai currency strengthened to 45.470 baht per dollar, from
\n45.605 baht late Monday, as a U.S. bank unwounded its long-dollar
\npositions, dealers said.<\/p>\n
Against the New Taiwan dollar, the U.S. currency ended at
\nNT$32.900 against the local currency, down from NT$32.918 Monday.
\nMarkets in Taipei were closed Tuesday for a national holiday.<\/p>",
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