Asian currencies had the best week since September 2012, led by Indonesia’s rupiah and India’s rupee, as signs the U.S. economic recovery is losing pace fueled speculation the Federal Reserve will slow further stimulus cuts.
Service industries in the U.S. grew at a slower pace than forecast in February as employment slumped by the most in more than five years, showing frigid temperatures have caused the economy to struggle.
U.S. stocks were little changed, after the Standard & Poor’s 500 Index rose the most this year yesterday, as investors assessed the Ukraine crisis and weaker- than-estimated data on payrolls and services.
Gold gained for the second time in three days as weaker U.S. economic growth and Russia-Ukraine tension underpin demand for haven assets. Palladium advanced to the highest since April amid supply concerns.