Asian Currencies Advance for Third Week on ECB Bond-Buying Plan
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Asian currencies strengthened for a third week after the European Central Bank unveiled a bond-buying plan to stem the region’s debt crisis, spurring a rally in global stocks.
ECB President Mario Draghi said on Sept. 6 that policy makers agreed to an unlimited debt-purchase program and reports this week showing improvements in U.S. jobs and the services industry tempered concern about a slowdown in the world’s biggest economy. The Philippine peso completed its best week in almost three months and Taiwan’s dollar reached a two-month high yesterday.