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The Standard & Poor’s 500 Index returned to a record as a Federal Reserve official said bond purchases should continue and Goldman Sachs Group Inc. forecast the stock rally will last at least through 2015. Treasuries rose and the yen pared earlier losses while grains and gold fell.
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The cost of insuring Malaysia’s sovereign debt climbed to the highest level in almost two months on concern upcoming elections will produce a close outcome that could trigger unrest. The ringgit and bonds were steady.
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The yuan fell for a third day, completing its first weekly drop in almost a month on signs policy makers are limiting gains in the currency to protect exports as Europe’s debt crisis deepens.
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India’s rupee posted the biggest gain in Asia this week as improving data in the U.S. spurred a rally in global stocks and inflows to emerging markets. South Korea’s won fell as tensions with North Korea intensified.
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Yuan forwards recovered from their steepest slide in 22 months on optimism policy makers will heed a call by the U.S. urging China to allow a stronger currency. Government bonds were little changed.
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China’s yuan posted its biggest weekly loss against the dollar since December 2008 on signs the U.S. economic recovery is gaining momentum.
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Yuan forwards climbed toward a one- month high after China’s central bank signaled an end to the currency’s two-year peg to the dollar.
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Goldman Sachs Group Inc. and Nomura Holdings Inc. say yuan forwards are the best way to make money in Asia’s foreign-exchange market in 2011.
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South Korea’s won and Malaysia’s ringgit led Asian currencies higher on optimism demand for the region’s exports will increase after China ended the yuan’s two- year peg against the dollar.
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Malaysia’s central bank told local lenders they must use a ringgit fixing set domestically to settle foreign-exchange contracts amid an ongoing probe into rates set by the Association of Banks in Singapore.
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