Marking their first weekly gain in over a month, Asian currencies ended the week on a high note, The upbeat sentiment came after China’s service sector expanded at a faster-than-expected pace in February. Adding to the optimism was an earlier announcement that manufacturing activity grew at the fastest rate in over a decade.
Most stock markets have undergone a dramatic shift to start the year, transitioning from a bear market to a bull market. Peak inflation, a slower pace of interest rate hikes, a reversal in the value of the US dollar, and China’s reopening have attracted investors back to stocks.