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Dollar down, stocks up in Asia as US data dampens Fed hike talk

The Indonesian rupiah and Malaysian ringgit have led an emerging market currency surge against the dollar in AsiaThe Indonesian rupiah and Malaysian ringgit led an emerging market currency surge against the dollar in Asia Thursday, while stock markets also rallied after more weak US data fuelled hopes the Federal Reserve will delay an interest rate hike. Equity and currency markets have enjoyed a broad advance so far in October after enduring the worst quarter for four years in the July-September period, with most of the gains coming from speculation the Fed will keep borrowing costs on hold. Also Wednesday the Fed’s closely watched Beige Book report on the economy said that while expansion continued modestly the stronger dollar in recent months was “restraining manufacturing activity as well as tourism spending”.

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