Asean currencies hammered again as rosy data lifts US dollar further

CURRENCIES across Asean began the first month of the second quarter by sliding even further against the US dollar, with some slumping to the nadir and others dropping to multi-year lows, as recent data signalled bright prospects for the world’s largest economy.

The US dollar index – which measures its value against a basket of six major currencies: the euro, yen, pound, Canadian dollar, Swedish krona and Swiss franc – climbed about 50 basis points to 105 on Monday (Apr 1).

Confidence in the greenback stirred following Monday’s release of manufacturing data, which showed that US factory activity expanded for the first time since September 2022, after 16 consecutive months of contraction.