Asian currencies, specifically the Thai Baht and Malaysian Ringgit, experienced notable declines as the US Dollar strengthened following indications that the Federal Reserve is not in a rush to cut interest rates.
The USD/THB pair increased by 0.7% reaching 32.476 Baht, and the USD/MYR pair rose by 0.8% to 4.1550 Ringgit. Additionally, the USD/PHP pair saw a 0.4% increase to 56.270 Peso.
Federal Reserve Chairman Jerome Powell indicated a gradual approach to lowering interest rates while reiterating the overall robustness of the US economy.