Most Asian currencies slipped on Friday but were on track to post weekly gains, after US President-elect Donald Trump’s news conference this week offered little clarity on his fiscal policy plans and dented the US dollar.
The Philippine peso slipped 0.3% on the day, weighed down by falls in Philippine shares. The Indonesian rupiah and Indian rupee eased 0.2%.
A bigger-than-expected drop in China’s exports in December weighed on Asian currencies, although the Chinese trade data also contained some encouraging signs, with imports rising slightly more than expected.
Traders seem to be looking to buy the US dollar on dips, said Stephen Innes senior trader for FX broker OANDA in Singapore.
“The Trump reflation trade is springing a leak, but I don’t think it’s over,” Innes said.
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