Asian Currencies Halt Advance as Recent Gains Judged Excessive

Asian currencies halted a five-day advance as some investors judged recent gains as excessive and after data showed economic growth slowed for a seventh quarter in China, the region’s biggest export market.

The Bloomberg-JPMorgan Asia Dollar Index’s 14-day relative-strength index was at 72 today, above the 70 level that indicates to some traders that a decline is likely. The gauge has rallied 2.2 percent in the second half. Asia’s biggest economy expanded 7.4 percent in the third quarter from a year earlier, official figures showed today, after growing 7.6 percent in the previous three months. China is the biggest buyer of goods shipped from South Korea, Taiwan and Thailand.