Emerging-Market Currencies Led by Korean Won Gain After US Data
The rising Kospi and Kosdaq indices at the Korea Exchange in Seoul, on June 4.
Photographer: SeongJoon Cho/BloombergDeveloping-market currencies extended gains Wednesday following the release of US data that stoked concerns over the state of the economy and heightened speculation that rate cuts are forthcoming.
The MSCI’s currency index jumped after data showed activity at US service providers slipped into contraction territory last month for the first time in nearly a year, ending the day up 0.1%. An ADP Research report earlier in the day also showed that private-sector job growth was the weakest in two years.