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Most Asian currencies muted; stocks gain ahead of Fed rate decision

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ASIAN emerging market currencies were subdued on Monday after inflation data in the United States further dimmed the prospects of interest rate cuts soon, with all eyes on the Federal Reserve's policy meeting later this week.Most equities in the region, on the other hand, rose, with the markets in Manila jumping 2.1% to lead gains, closely followed by Taipei shares, which surged 1.9%.

Investors are already anticipating a delay to rate cuts due to sticky U.S. inflation and as officials, including Chair Jerome Powell, emphasise data dependency. "While we cannot rule out the tail risk of the Fed putting a rate hike back on the table, should the Fed continue to sound balance in terms of rate guidance, the greenback may even soften along with U.S. rates," said Fiona Lim, senior FX strategist at Maybank.

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