Malaysia will allow national power distributor Tenaga Nasional Bhd. to raise electricity charges for the first time in more than two years, adding to business and living costs as the government cuts state subsidies.
Asian currencies posted their first monthly loss since August, led by Indonesia’s rupiah and the Thai baht, as concern about current-account deficits and political unrest in the region fueled fund outflows.
Malaysia’s ringgit was headed for its sixth weekly drop, the longest losing streak since 2005, as signs of a pickup in the U.S. economy bolstered speculation policy makers will trim stimulus. Government bonds rose.
The euro rose against the dollar and the yen as a gauge showed the region’s services output increased more than initially estimated, boosting speculation the European Central Bank will refrain from cutting interest rates tomorrow.
Indonesia’s rupiah fell for a seventh day, the longest losing streak since August, and bonds dropped as U.S. economic data that topped estimates spurred bets the Federal Reserve will bring forward a planned stimulus cut.
Malaysia’s ringgit dropped the most in a month after a jump in U.S. business activity spurred speculation the Federal Reserve will start trimming its stimulus earlier than predicted. Government bonds retreated.