Most Asian currencies weakened on Friday, poised for weekly losses, as the U.S. dollar advanced on expectations of fewer Federal Reserve rate cuts. Investor anxieties surrounding President-elect Donald Trump's impending inauguration also contributed to the trend. MSCI's emerging market currency index neared five-month lows, signaling a potential fifth consecutive weekly decline. The Thai baht and Singapore dollar faced their biggest weekly drop since November, while the Taiwan dollar traded near a five-month low.
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The Taiwan dollar was down 0.1%, trading near a five-month low. The dollar, which began the New Year on a strong note reaching a more than two-year high against major peers, was on track for its best weekly performance in over a month. The"U.S. exceptionalism" theme under Trump could be the main theme for 2025, which could continue to support the dollar, said Poon Panichpibool, a markets strategist at Krung Thai Bank.
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