Philippine peso, Korean won lead Asia FX losses


Posted at Aug 20 2014 05:10 PM | Updated as of Aug 21 2014 01:10 AM

SINGAPORE - The South Korean won and the Philippine peso led slides among emerging Asian currencies on Wednesday as the dollar hit an 11-month high on strong U.S. housing data.

Offshore funds sold the won, while the currency came under further pressure from dollar demand from importers for payments.

The peso slid as investors rushed to cover short positions in the dollar as Philippines' local financial markets will be closed on Thursday for a holiday.

The peso finished weaker at P43.83 against the US dollar.

Malaysia's ringgit fell as leveraged funds and local companies bought the greenback.

The Indonesian rupiah weakened on month-end corporate dollar demand and on worries over the nation's current account and budget deficits.

The Chinese yuan broke a five-session rising streak after the central bank set the official guidance rate slightly weaker.

In terms of potential catalysts, investors are focusing on the U.S. Federal Reserve's minutes from the July 29-30 policy meeting, as well as Fed Chair Janet Yellen's speech on Friday at a gathering of central bankers in Jackson Hole, Wyoming.