Emerging FX-Philippine peso at new high, trade thin

SINGAPORE, Feb 19 (Reuters) The Philippine peso extended last week's gains to touch a fresh six-year high against the dollar on Monday, but trade in Asian currencies was thin with much of the region closed for the Lunar New Year holiday.

Financial markets in China, Hong Kong, South Korea, Taiwan, Singapore and Malaysia were all closed. China and Taiwan are shut for the whole week and some markets are closed on Tuesday too.

The Philippine peso strengthened as far as 48.05 per dollar, its strongest level in about six years.

Strong inflows of remittances from overseas workers and a rally in local stocks have bolstered the peso -- it has gained almost 2 percent versus the dollar so far this year and is Asia's best performing currency.

''There is still a positive peso backdrop although we could see some profit taking now,'' said a trader in Manila. ''There is not much going on and the market is in range-trading mode.'' U.S. financial markets will also be shut on Monday for the Presidents Day holiday, adding to subdued trading.

The Indonesian rupiah stuck to a tight range around the 9,050 per dollar area, while the Thai baht was steady at about 35.70 per dollar in the onshore market.

Activity in Asian currency markets was not expected to pick up until next week, although a two-day Bank of Japan (BOJ) meeting ending on Wednesday may provide some direction.

Market players see about a 50/50 chance of a BOJ interest rate raise this week, with last week's stronger-than-expected Japanese economic growth data boosting talk of a rate hike.

''The data flow so far in itself does not justify a move though the time may be better to sneak in an opportunistic hike following a strong GDP number,'' analysts at IDEAglobal said in a note.

CURRENCIES VS US DOLLAR Change on the day at 0244 GMT Currency Latest bid Previous day Pct Move Japan yen 119.37 119.37 +0.00 Sing dlr 1.5317 1.5329 +0.08 Baht 35.69 35.70 +0.03 Peso 48.09 48.10 +0.03 Rupiah 9052.00 9048.00 -0.04 Rupee 44.04 44.11 +0.16 Change so far in 2007 Currency Latest bid End prev year Pct Move Japan yen 119.37 119.01 -0.30 Sing dlr 1.5317 1.5337 +0.13 Baht 35.69 36.08 +1.09 Peso 48.09 49.03 +1.97 Rupiah 9052.00 8988.00 -0.71 Rupee 44.04 44.26 +0.49 REUTERS SP KN0857