* S.Korea sees 34th straight month of C/A surplus * Some suspects S.Korea FX intervention * Taiwan dollar rises on stock inflows; importers limit (Adds text, updates prices) By Jongwoo Cheon SINGAPORE, April 29 (Reuters) - The South Korean won hit a fresh six-year high on Tuesday, leading gains among emerging Asian currencies, though many investors remained cautious ahead of major events this week including a U.S. Federal Reserve policy meeting. The wonKRW=KFTC advanced after central bank data showed South Korea posted its 34th consecutive monthly current account surplus in March thanks to resilient exports and low prices of imported raw materials.ID:nL3N0NK5O8 The Taiwan dollarTWD=TP rose on stock inflows. "China's economy is not as bad as initially feared, so the won and the Taiwan dollar would be the best beneficiaries," said Yuna Park, a currency and bond analyst at Dongbu Securities in Seoul. "A soft yuan may be an obstacle, but improving developed economies will help them weather it," Park added. China's economy grew 7.4 percent in the first quarter from a year earlier, its slowest pace in 18 months, but that was slightly higher than market expectations. April factory activity in the world's second largest economy shrank but the pace of decline eased.ID:nL3N0N809C ID:nL3N0NF18H Economic growth in South Korea during the first quarter was higher than expectations, while Taiwan's economy in the period is seen growing faster than the previous quarter.ID:nL3N0NF069 ID:nL3N0NH3G8 Their hi-tech exports have proven more resilient to the global slowdown than Southeast Asian countries which are heavily dependent on exports of commodities and raw materials. Still, traders remained wary of potential intervention by foreign exchange authorities in South Korea and Taiwan to stem their currencies' gains. Investors were also awaiting the Fed's two-day policy meeting, which starts later in the day, and April U.S. jobs data on Friday. WON The won rose as much as 0.4 percent to 1,030.6 per dollar, its strongest since August 2008, on sustained month-end demand from local exporters. South Korea reported a current account surplus of $6.65 billion in March on a seasonally adjusted basis, down from a revised $7.54 billion surplus in February, but still substantial. "Another large Korean current account surplus in March reaffirms Korea's strong economic fundamentals and supports the recent KRW appreciation, in our view," Barclays said in a client note, referring to the won. Barclays revised up its one-month forecast for the won's value to 1,040 from 1,070, its three-month forecast to 1,030 from 1,060 as well as its six- and 12-month forecasts to 1,020 from 1,050, respectively. The bank also revised up 2014 current account balance forecast for the second time this year to $73 billion from $65.5 billion, compared to $79.9 billion surplus last year. Some traders suspected the foreign exchange authorities of buying dollar to stem strength in the won with caution increasing over their intervention. Finance ministry and the new central bank chief warned against a sharp gains in the South Korean currency on April 10 when it rose to as firm as 1,031.4. A couple of closes firmer than 1,032 is seen helping the won head to a psychologically important 1,000, analysts said. TAIWAN DOLLAR The Taiwan dollar gained as inflows from foreign financial inflows lifted local shares. Exporters were not active, while importers took slides in the U.S. dollar as chances to buy it for payments, limiting the island's currency gains, traders said. Last week, exporters bought much of the Taiwan dollar for settlements, so their month-end demand was not seen strong, traders added. The central bank has not been spotted intervening, while investors remained wary of its purchases of the U.S. dollar, according to traders. CURRENCIES VS U.S. DOLLAR Change on the day at 0420 GMT Currency Latest bid Previous day Pct Move Japan yen 102.48 102.48 +0.00 Sing dlr 1.2565 1.2566 +0.01 Taiwan dlr 30.181 30.285 +0.34 Korean won 1031.50 1035.00 +0.34 Baht 32.26 32.23 -0.09 Peso 44.45 44.49 +0.09 Rupiah 11588.00 11575.00 -0.11 Rupee 60.57 60.65 +0.12 Ringgit 3.2600 3.2650 +0.15 Yuan 6.2522 6.2530 +0.01 Change so far in 2014 Currency Latest bid End prev year Pct Move Japan yen 102.48 105.28 +2.73 Sing dlr 1.2565 1.2632 +0.53 Taiwan dlr 30.181 29.950 -0.77 Korean won 1031.50 1055.40 +2.32 Baht 32.26 32.86 +1.86 Peso 44.45 44.40 -0.12 Rupiah 11588.00 12160.00 +4.94 Rupee 60.57 61.80 +2.03 Ringgit 3.2600 3.2755 +0.48 Yuan 6.2522 6.0539 -3.17 (Additional reporting by Miao-jung Lin in TAIPEI and Reuters FX analyst Krishna Kumar in SYDNEY; Editing by Kim Coghill) ((jongwoo.cheon@thomsonreuters.com)(+65 6870-3841)(Reuters Messaging: jongwoo.cheon.thomsonreuters.com@reuters.net))
EM ASIA FX-Won at 6-year high on current account, Asia FX edges up before Fed
* S.Korea sees 34th straight month of C/A surplus * Some suspects S.Korea FX intervention * Taiwan dollar rises on stock inflows; importers limit (Adds text, updates prices) By Jongwoo Cheon SINGAPORE, April 29 (Reuters) - The South Korean won hit a fresh six-year high on Tuesday, leading gains among emerging Asian currencies, though many investors remained cautious a
April 29, 2014




















