SINGAPORE — Asian currencies advanced the most last week in almost two months, led by Indonesia’s rupiah, as signs of improvement in the world’s two largest economies spurred optimism that regional exports will pick up.
US companies added more jobs in June than economists estimated while China’s manufacturing grew at the fastest pace of the year, reports showed last week. South Korea’s exports rose 2.5% in June from a year earlier, after declining 0.9% the previous month, and Malaysia reported on Friday an 11th straight increase in shipments for May.
“People became less worried China’s economy is going to crash and that is a positive development,” said Tim Condon, head of Asian research at ING Groep NV in Singapore. “Economic activity in China has firmed up and that helps emerging markets and we’re now seeing an ongoing recovery in the US.”
This article is older than 60 days, which we reserve for our premium members only.You can subscribe to our premium member subscription, here.