Emerging Asian currencies made only small moves on Wednesday, as investors waited for congressional testimony by Federal Reserve Chairman Jerome Powell for clues on the odds of a near-term easing of US monetary policy. There was no common trend in Asian units, with both marginal losses and gains against the dollar which firmed on higher Treasury yields before Powell's remarks later on Wednesday.
Strong US jobs data last week doused market hopes for a large rate cut at the July 30-31 Fed meeting, but a small cut is still widely expected.
"With odds of a 50bps cut at the end of the month now essentially ruled out, intra-day extension of discretionary USD strength may stall ahead of Powell's testimony before Congress," said OCBC in a note.
The Taiwan dollar, which rose against the dollar on Tuesday, was again up, by 0.1%.
Data on Monday showed exports from trade-dependent Taiwan unexpectedly grew for the first time in eight months in June.
The South Korean won slipped 0.1%. In the latest development in a trade dispute, South Korea's president said Japan's export curbs on key materials used by South Korean technology firms could be prolonged.
India's rupee was 0.1% weaker. US President Donald Trump on Tuesday reiterated his complaints that Indian tariffs on US products were unacceptable.
The Thai baht declined 0.1%.
Minutes from a June policy meeting showed Thailand's central bank is preparing measures to control short-term capital inflows, to temper rapid strength in the baht that may be inconsistent with economic fundamentals.
China's yuan was marginally higher at 6.887 after US and Chinese officials held a "constructive" phone conversation on Tuesday, marking fresh attempts to resolve differences over a bruising tariff exchange that has weighed on global growth.
A Maybank note said "With trade talks resuming and Trump so sensitive to yuan depreciation, 6.90 may well be the line in the sand for now."
June inflation numbers out of China raised concerns that slowing manufacturing activity amid the US-China trade war was rubbing off on growth in the world's no. 2 economy.