‘Worst likely over’ for emerging Asia currencies as Fed hike bets ease
PremiumSouth Korea’s won led gains, rising as much as 1percent, while the Malaysia ringgit advanced 0.4 percent
Asia emerging market currencies jump from the open after slower-than-expected US inflation data eased pressure on the Federal Reserve to raise interest rates aggressively.
South Korea’s won led gains, rising as much as 1%, while the Malaysia ringgit advanced 0.4%. The rally came after the Bloomberg Dollar Spot Index slid 1% following the release of the US data on Wednesday. The offshore Chinese yuan appreciated 0.5% on Wednesday as it trades during US hours.
The US consumer price index rose 8.5% from a year earlier, slower than the 9.1% June advance that was the largest in four decades, the Labor Department said.
This story has been published from a wire agency feed without modifications to the text.
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