Asian Currencies Gain as Dollar Weakens on Fed Afterglow

Asian currencies are rallying in the aftermath of U.S. Federal Reserve chair Janet Yellen’s dovish comments on Tuesday, sending the greenback down amid a raft of positive data.

The jumps are large: The Australian and New Zealand dollar, which are both commodity-linked currencies, were near their nine-month peaks on Thursday.

The Malaysian ringgit also climbed to a new seven-month high against the U.S. dollar on Thursday; the country is an exporter of oil and natural gas.


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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam