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 Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.