Mighty greenback's rise poses promise and concerns for Asia

AS THE American economy continues to gather momentum, currency traders are increasingly eyeing the US dollar's strength with heady expectations for the US Federal Reserve to begin to raise its interest rates in 2015. It's a sensible assumption. But as the greenback powers ahead of its counterparts, what will the impact be on the Asia-Pacific region?

Economic data stateside has been consistently pointing to an American economy that's finally found its legs after six long years of troubled times. For instance, the monthly US jobs report for November easily surpassed market expectations, soaring to 321,000 jobs created that month versus the 225,000 jobs expected. On the whole, 2014 is on pace to be America's strongest year of jobs growth since 1999.

Unlike in times past, Asia's emerging market economies ought to be resilient enough to weather any stormy patches that swell the currency market's waters when the Fed does hike rates. A strong US dollar and an enduring American consumer-driven economy spell a competitive advantage for Asia's export-led economies.