Asia’s Beaten-Up Currencies Gain Traction After Defensive Moves

Asian currencies extended a rebound as the artificial intelligence trade gathered pace and sentiment improved on hopes of a peace deal between the US and Iran.

The Korean won led currencies higher, rising the most in almost three weeks as Samsung Electronics Co.’s market value hit $1 trillion on booming demand for microchips. The Thai baht climbed as much as 0.8% — its biggest increase since April 17 — lifting most Asian peers, particularly those sensitive to oil price swings. Meanwhile, the yen rallied to the strongest level in over two months, once again fueling speculation about possible intervention by Japanese authorities.