Jonathan Cavenagh News
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Malaysia’s bonds and the ringgit rallied this week, with the 10-year yield dropping to its lowest level in more than four years, after Prime Minister Najib Razak was re-elected, clearing the way to pursue his economic reforms.
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The Australian dollar rose to the highest in almost two weeks against its U.S. counterpart before the Federal Reserve opens a two-day meeting amid speculation it will maintain bond purchases for the foreseeable future.
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India’s rupee rose on speculation U.S. policy makers will maintain this week economic stimulus measures that have spurred fund flows into emerging markets.
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The pound rose against most of its major counterparts before a report forecast to show the U.K economy avoided a triple-dip recession.
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Malaysian ringgit forwards climbed toward a one-week high as a rebound in crude and palm oil prices brightened the nation’s export outlook. Government bonds were little changed.
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The yen strengthened for a second day versus the euro and the dollar after an industry report showed Chinese manufacturing expanded at a slower pace, increasing demand for safer assets.
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China’s currency had the biggest weekly gain in six months and yuan forwards rose to a record after the central bank signaled plans to widen a trading band that’s been limiting appreciation since October.
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The ringgit climbed for the first time in a week after signs of economic improvement in two of Malaysia’s major export markets spurred demand for riskier assets. Government bonds were little changed.
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India’s rupee fell to the lowest level in almost a month on concern slowing capital inflows will leave the currency more vulnerable to a current-account deficit.
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The yen fell against all its major peers as Bank of Japan Governor Haruhiko Kuroda outlined monetary easing options to achieve a 2 percent annual inflation goal in two years.
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