Peso Leads Weekly Drop in Asian Currencies on Slowdown Concern
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The Philippine peso and Malaysia’s ringgit led declines in Asian currencies this week after data from the U.S., Europe and China reinforced concern the global economic slowdown is deepening.
More Americans than forecast filed claims for unemployment benefits, according to data released Sept. 20, while a Chinese manufacturing survey signaled an 11th month of contraction. A gauge of euro-area services and production fell to a 39-month low, another report showed. Bank of Japan expanded its asset-purchase fund this week by 10 trillion yen ($128 billion), after the Federal Reserve and the European Central Bank announced steps this month that would pump money into financial markets.