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The peso slipped after the Philippines posted a wider than expected trade deficit for July, but most Asian currencies took a breather in the absence of significant developments in global trade hostilities. The peso gave up 0.2 percent to 53.937 versus the dollar in the wake of news that imports into the Philippines grew at their fastest in two years while exports barely rose.
Big trade gaps and a wide current account deficits have pressured the peso which now hovers around its weakest in 12 years against the US dollar. The trade deficit for July was $3.546 billion versus $3.188 billion in June, and well over double the $1.305 billion deficit recorded in July 2017.
The dollar index was steady at 95.113 despite advancing on an upbeat jobs report last week.
Having warned last week that he was ready to levy additional taxes on practically all Chinese imports, US President Donald Trump was uncharacteristically quiet on trade on Monday.
Any developments though, might rekindle uncertainty among emerging market investors, with China cautioning that it will respond if the United States takes any new steps.
Mizuho Bank said Trump was not likely to tone down his "pugilistic trade views on China" and neither was the US Federal Reserve likely to slow down rate hikes or trimming its balance sheet.
"What is before us appears to be more a pause in an ongoing shakedown rather than a possible U-turn back to exuberance," Mizuho said in a note.
China's yuan weakened 0.1 percent to 6.866 to the dollar. The Singapore dollar firmed 0.2 percent to S$1.376, helped by the US dollar's lacklustre performance. With the strength in the greenback not expected to subside anytime soon, OCBC Bank said in a note, "the Singapore dollar is not out of the woods yet".
Indonesian and Malaysian markets were both closed for respective public holidays, giving the fragile rupiah a break.
The Indian rupee strengthened 0.2 percent to 72.315 after wavering either side of flat for much of the session. It comes a day after it slid to a record trough.
Despite Tuesday's pickup, the outlook for the rupee is relatively bleak, facing a stern challenge from a combination of higher oil prices, a widening current account deficit, and the Fed's rate hike cycle.
DBS bank sees sustained pressure on the rupee from these factors is likely to push it towards 75 to the dollar. These factors have contributed to India's 10-year bond yield rising to 8.156 percent, its highest since late 2014, as bond prices fell.

Copyright Reuters, 2018

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