Philippines leads gains among Asian currencies

The Singapore dollar underperformed the region, losing 0.2% against the greenback.

RBS reported (for 10 July 2012 trading - noon):

Asian currencies had a mixed session with the Euro group meeting giving little cues. Most currencies traded sideways this morning. Earlier today, China's trade numbers failed to lift sentiment as well.

PHP, the YTD outperformer, led the gains once again. The currency gained 0.3% against the dollar. 5 days after its credit upgrade, the government announced that it is planning to spend a record PHP404bn in infrastructure next year, aiming to push its growth to 8%. Susceptibility of regional peers has brought investor's attention to Philippines' improving fundamentals.

KRW and SGD underperformed the region, losing 0.2% against USD. Moves for rest of the region were between -0.1% and +0.1%.

In China, USD/CNY fixing came in 98pip lower at 6.3195. Offshore, USD/CNH was fixed 49pip lower at 6.3671.

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