* 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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