Korean Won Leads Weekly Gains in Asia as Fed Holds; Peso Slides
- Emerging currencies set for best five-day advance since July
- Philippine peso in longest slide since November amid outflows
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South Korea’s won led an advance in Asian currencies this week as the Federal Reserve’s decision to refrain from raising interest rates burnished the appeal of higher-yielding assets.
A gauge of emerging-market currencies headed for its biggest weekly gain in more than two months after Fed officials also scaled back the number of increases they expect next year to two from three. The Bank of Japan reinforced optimism that it will keep in place measures to spur economic growth and inflation. Brent crude rallied almost 4 percent in the past five days, adding to support for developing-nation currencies.