4/10/2024, 11:12:03 am

Asia currencies set for worst week in over a year as Fed cut bets pared

Asian currencies are heading for their worst week in over a year, with a Bloomberg gauge slumping 0.8%, as traders scale back bets on aggressive Federal Reserve rate cuts amid resilient US jobs data and geopolitical tensions. The Malaysian ringgit, Indonesian rupiah, and Thai baht lead the losses, with some expecting them to give back half to two-thirds of their recent rally.