Asian Currencies Weaken Ahead of US Nonfarm Payrolls

Asian currencies broadly weakened against the dollar in anticipation of the U.S. nonfarm payrolls report. MUFG Bank noted that continued resilience in the U.S. labor market would support higher-for-longer U.S. interest rates, keeping U.S. yields and the dollar elevated, which would limit any benefit from stronger Asian macroeconomic data.