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Asian currencies, stocks strengthen as Fed hints dovish stance

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Asian,Currencies,Equities

Sarawakian Jack Voon Kuet Fei plans to travel to 108 countries, covering over 200,000km in three years.

ASIAN emerging market currencies and equities climbed higher on Friday after the Federal Reserve indicated it would maintain a dovish tilt, while traders look ahead to the U.S. nonfarm payrolls data later in the day.

Among equities, Taiwan stocks rose 0.5% to be the top gainer in the region, while Malaysia stocks added 0.4%. Markets have consistently scaled back the timing and amount of rate cuts this year from the Fed as inflation has proved to be sticky. "Rate cuts by the U.S. Fed will provide EM Asian central banks with the space to also lower their domestic interest rates, thereby providing a tailwind for a pickup in economic growth," said Lloyd Chan, FX strategist, MUFG.

 

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