Ringgit Leads Losses in Asian Currencies on Europe Debt Concern
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Asian currencies fell, led by Malaysia’s ringgit, on concern discord among European leaders will stall efforts to contain their region’s debt crisis, aggravating a worldwide economic slowdown.
The Bloomberg-JPMorgan Asia Dollar Index snapped a three-day gain on concern demand for emerging-market assets will weaken after German Chancellor Angela Merkel and French President Francois Hollande clashed over the weekend on a timetable to introduce joint oversight of Europe’s banks. A Chinese manufacturing survey last week signaled an 11th monthly contraction while another report showed a gauge of euro-area services and production fell to a 39-month low. Data due tomorrow may show Thailand’s exports fell the most this year.