Asian currencies firm as the dollar index retreats from its range high
The ringgit, the Singapore dollar and the rupee all gained. None of it was about Asia.
The dollar index fell 0.8 percent, its largest single-session decline in six weeks, and Asian currencies gained across the board. The ringgit firmed to 4.42, the Singapore dollar to 1.337 and the rupee to 83.1.
The move originated entirely in US rate expectations. When the market reprices the Federal Reserve path, every currency in the region moves, and the ranking between them is mostly determined by carry and by liquidity rather than by domestic news.
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