Asian Currencies Gain on Global Stimulus Bet; Peso Leads Rally


16/06/2012 02:00 AST  Bloomberg

Asian currencies rose for a second week on speculation leaders of the Group of 20 nations will announce measures to combat a global economic slump when they meet next week for talks in Mexico.

The Bloomberg-JPMorgan Asia Dollar Index climbed 0.3 percent after Bank of England Governor Mervyn King said June 14 that the case for more stimulus in the U.K. “is growing” as Europe’s debt crisis worsens. U.S. data showed consumer prices dropped in May by the most in three years, giving the Federal Reserve room for more monetary stimulus before a policy meeting next week. The Philippine peso led gains as the government sought improved credit ratings and exports rose more than economists forecast.

“Global policy makers are more proactive and the market is hoping for some kind of bazooka from the Federal Reserve or the G-20 summit next week,” said Roy Teo, a currency strategist in Singapore at ABN Amro Private Bank. “That could stimulate economic confidence and activities.”

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