April 4 (Bloomberg) -- Asian currencies rose for a fifth week, the longest winning streak since October 2007, after Group of 20 leaders pledged more than $1 trillion to help combat a global recession.
Eight of the 10 most-active Asian currencies outside Japan advanced in the week after economic reports in China, the U.S. and the U.K. fuelled speculation that demand for regional exports will strengthen. The Bloomberg-JPMorgan Asia Dollar Index, which tracks their performance, touched a two-month high on April 2 as regional stocks rallied.
“The G-20 initiatives have injected positive sentiment into stocks and currencies in the region,” said Suresh Kumar Ramanathan, a currency strategist at CIMB Investment Bank Bhd. in Kuala Lumpur. “It would be tough to get another massive set of news to support further gains.” read more
