Asian currency markets enter the Year of the Fire Horse at a delicate but potentially consequential juncture. The Year of the Green Wood Snake closed on firmer footing. After four consecutive years of depreciation against the US dollar, Asian currencies edged cautiously higher. The Bloomberg Asia Dollar Index rose more than 3% over the last Lunar Year , a steady but deliberate ascent, much like a coiled snake gradually rising. Yet beneath that aggregate recovery lay sharp divergence. The Malaysian ringgit appreciated more than 12% against the greenback, while the Indian rupee declined nearly 5% over the same period. … (full story)
