Currencies
Asia Currencies Hit Seven-Month High on ‘Goldilocks’ US Scenario
- Ringgit gains on global inflows into stocks, growth view
- Baht rises as new PM appointment calms political uncertainties
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Asian currencies rallied to the highest in seven months as ebbing US recession concern, bets on Federal Reserve rate cuts next month and an improving domestic backdrop lifted sentiment in the region.
The Bloomberg Asia Dollar Index gained as much as 0.6% on Monday to the highest since January. The South Korean won and the Malaysian ringgit led the regional advance on upbeat growth prospects and the Thai baht rose on easing political tensions.