Asian currencies rose for a second week on speculation leaders of the G20 nations would announce measures to combat a global economic slump when they meet tomorrow and on Tuesday for talks in Mexico.
The Bloomberg-JPMorgan Asia Dollar Index climbed 0.3 percent after Bank of England Governor Mervyn King said on Thursday that the case for more stimulus in the UK “is growing” as Europe’s debt crisis worsens. US data showed consumer prices dropped last month by the most in three years, giving the US Federal Reserve room for more monetary stimulus before a policy meeting on Tuesday and Wednesday. The Philippine peso led gains as the government sought improved credit ratings and exports rose more than economists forecast.
“Global policymakers are more proactive and the market is hoping for some kind of bazooka from the Federal Reserve or the G20 summit next week,” said Roy Teo, a currency strategist in Singapore at ABN Amro Private Bank. “That could stimulate economic confidence and activities.”
The peso strengthened 2.4 percent this week to 42.255 per US dollar in Manila, according to data compiled by Bloomberg. The New Taiwan dollar edged up 0.2 percent to NT$29.931, South Korea’s won climbed 0.8 percent to 1,165.75, Thailand’s baht rose 0.7 percent to 31.47 and Malaysia’s ringgit advanced 0.7 percent to 3.1630.
The MSCI Asia-Pacific Index of stocks rose 2.4 percent this week, the most since January. The Asia Dollar Index, which tracks the region’s 10 most-used currencies excluding the yen, has rebounded 0.8 percent from 113.68 on June 1, the lowest level since September 2010.
The yuan appreciated 0.08 percent from a week ago to 6.3651 per US dollar. India’s rupee fell 0.1 percent to 55.4975, while Indonesia’s rupiah gained 0.9 percent to 9,385. Vietnam’s dong advanced 0.2 percent to 20,958.
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