Won, ringgit falter

The South Korean won and the Malaysian ringgit faltered on Thursday as investors reduced risky positions, pricing in expectations of weaker key US job data and on worries about a sustained soft patch in the world's top economy. Renewed worries about Greece, after Moody's Investors Service cut the debt-ridden country's credit rating, also prompted investors to cover dollar-short positions against emerging Asian currencies.
Investors are watching out for US jobs data for May due on Friday, after other economic numbers released this week point to continued weakness in the world's biggest economy. The won snapped a five-session rise, shedding 0.5 percent against the dollar as investors covered dollar-short positions and on importers' dollar demand. The won weakened to as soft as 1,083.5 per dollar, the 50 percent Fibonacci level of its weakening trend in May.
Exporters regarded the 1,082 as good level to buy the won, while importers purchased dollar when the local currency strengthened past 1,080, dealers said. The ringgit weakened past a 55-day moving average as interbank speculators covered dollar-short positions. The Malaysian currency weakened to as soft as 3.0275 per dollar, breaking through the 55-day moving average of 3.0149.