Emerging Asian units sink

Emerging market currencies across Asia fell on Friday after poor China February trade data added to worries about the state of the global economy already increased by the European Central Bank's dovish signals. The biggest regional loser was the Indonesian rupiah, which dropped to its lowest level since Jan 4.
China's yuan slipped 0.1 percent to a two-week low after Beijing reported exports in February tumbled 20.7 percent from a year earlier, far beneath forecasts of a 4.8 percent drop and more than erasing January's surprise jump.
The yuan has been among the best performers this year on the heels of progress towards a trade deal between the United States and China.
"Hopes for the US and China to seal a trade deal this month are no longer buoying the Chinese yuan and risk appetite," DBS said in a note.
The overall mood had already been brittle after the European Central Bank on Thursday slashed its growth forecasts and surprised markets with a new round of policy stimulus, leaving investors fearing the worst for the global economy.
The dollar index was 0.1 percent lower at 97.545, while the Japanese yen appreciated 0.3 percent against the dollar. The yen is a perceived safe haven and attracts demand in times of market turmoil and political tensions.
The rupiah's fall came as its market reopened after a holiday on Thursday. The unit last stood at 14,300, down 1.2 percent for the day.
The Philippine peso weakened 0.2 percent to 52.350 after the newly-appointed central bank chief said there is room to ease monetary policy given cooling inflation, but the timing of any such action depends on how the economy fares.
Governor Benjamin Diokno, who is largely seen by the market as pro-growth, will chair his first policy meeting on March 21.
A Thai court's Thursday order dissolving an opposition party for nominating the king's sister as its candidate for prime minister in the coming election did not move the baht.
The unit, largely flat for much of the morning, slipped 0.1 percent to 31.82 to the dollar.
"The Thai baht has depreciated a lot recently on uncertainty surrounding the upcoming general election set for 24 March," said Gao Qi, a FX Strategist at Scotiabank.