Thailand’s baht fell, headed for its biggest weekly decline since 2008, on concern monetary authorities will intervene in the currency market and introduce measures to slow the pace of gains that hurt exports.
The Philippine peso fell to the lowest level in almost six months as slowing Chinese economic growth fanned concern the global recovery is stalling, damping demand for emerging-market assets. Government bonds gained.
The gap in Canadian and U.S. benchmark interest rates is at a 15-year high based on the Taylor rule formula for determining optimal rates, signaling borrowing costs are poised to rise further in Canada.
Canada’s dollar reached its strongest level in 2 1/2 years versus the greenback, capping a second straight annual advance, as oil at a 26-month high burnished the allure of currencies tied to global growth.