Philippine peso leads Asian currencies’ gain

Most Asian currencies edged higher against the US dollar on Wednesday, with the Philippines leading the gains after posting a narrower budget deficit in November - the latest addition to a run of good economic news, reports Reuters.

The peso was up 0.3 per cent and hit its highest since mid-June after the four-day Christmas holiday.

The US dollar was flat, with the dollar index which measure the greenback against six major rivals, down 0.07 per cent at 0523 GMT.

Globally, sentiment was buoyed by oil prices rising to 2-1/2 year highs.

The South Korean won was up 0.08 per cent, hitting its highest since April 2015.

A Bank of Korea survey showed that median expectation for the inflation rate over the next 12 months was 2.5 per cent in December, unchanged from November.

The won seemed unaffected by the survey showing consumer confidence slipped in December.

The Taiwan dollar was unchanged by remarks from central bank Vice Governor Yang Chin-long who said on Wednesday that the Taiwan dollar's strengthening this year mostly reflects the weakening trend of the US dollar.