Won Leads Weekly Gain in Asian Currencies on Fed Stimulus Bets
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Asian currencies advanced, snapping a four-week slump, as U.S. economic data that trailed estimates tempered concern the Federal Reserve will cut asset purchases that have boosted dollar supply.
The Bloomberg-JPMorgan Asia Dollar Index of 10 regional currencies climbed 0.2 percent to 116.98, the biggest five-day advance since May 3. Manufacturing in the world’s largest economy unexpectedly shrank last month and gains in factory orders missed forecasts, figures released this week show. Non-farm payrolls rose 175,000 in May from a revised 149,000 increase in April that was smaller than first estimated, Labor Department figures showed yesterday. The median forecast in a Bloomberg survey called for a gain of 163,000.