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Malaysian ringgit hits one-year high; most Asian FX, stocks rise

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Malaysia's ringgit was on a tear on Thursday among emerging Asian currencies, while share markets rose, with investors cheering a possible end to the U.S. Federal Reserve's restrictive policy settings in September.Others such as the Taiwan dollar and the South Korean won traded up to 0.3% higher, while the Thai baht was flat, reversing earlier gains.

The Federal Reserve held interest rates steady overnight but kept the doors open for a cut in September, provided the U.S. economy"follows its expected path". The Philippines is likely to kick off the rate-cutting cycle, followed by South Korea, India and Taiwan.

 

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