Most Asian currencies down

Most emerging Asian currencies fell on Wednesday on concerns that slowing global growth will discourage further inflows to the region, with weak export data weighing heavily on the South Korean won and the Indonesian rupiah.
Chinese factory data eased worries about a hard landing in the world's second-largest economy, but South Korea reported a surprising 6.6 percent drop in exports and a decline in new export orders for the sixth consecutive month.
With worries about the global outlook back in focus, investors booked profits from January, which analysts said was the best month for Asian currencies since 2006.
The global economy seems to be searching for a bottom, and "this may well take another quarter or two," said Emmanuel Ng, foreign exchange strategist at OCBC in Singapore.
Some analysts said strength in emerging Asian currencies was largely due to position adjustments after they suffered a sell-off in late 2011 and added that they were likely to turn lower again eventually.
"I am firmly in the bearish camp... I will still look at higher USD/Asia from current levels," said Andy Ji, Asian currency strategist for Commonwealth Bank of Australia in Singapore.
Dollar/won rose after the weak exports data and as importers bought the pair for settlements. Some traders suspected dollar demand from Lone Star after a sale of a stake in Korea Exchange Bank to Hana Financial group.
"Some players still prefer short positions as it is seen unlikely to touch 1,140 any time soon with any negative news," said a foreign bank dealer in Seoul. Foreign investors were also net buyers of Seoul shares and the country's treasury bond futures, purchasing a combined net 735.1 billion won ($654.38 million) in the both markets. Dollar/baht rose above 31.00 on bids from local investors, while offshore funds limited its gains. The pair extended gains as the euro fell further in late Asian trading.
Dollar/rupiah gained as local players bought it, but hopes for inflows to the country's stock and bond markets capped the gains. The pair also found support as the euro slid further.
US dollar/Taiwan dollar turned higher as foreign banks covered short positions. Taiwanese importers also bought it on dips and demand for non-delverable forwards-fixing supported it, dealers said. Earlier, the pair hit a 4-1/2 month low of 29.495. It is still seen oversold as its 14-day Relative Strength Index (RSI) stayed below the 30 threshold.