Asian Currencies (MYR KRW THB) Rally on Waning Recession Fears, Fed Bets

Asian currencies rallied to the highest in seven months as ebbing US recession concern, bets on Federal Reserve rate cuts next month and an improving domestic backdrop lifted sentiment in the region.

The Bloomberg Asia Dollar Index gained as much as 0.6% on Monday to the highest since January. The Malaysian ringgit and South Korean won led the regional advance on upbeat growth prospects and the Thai baht rose on easing political tensions.