Asian currencies advance against dollar

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Asian currencies are largely higher against the US dollar on Tuesday, with investors wading through a raft of readings on Asia’s manufacturing sector.

The dollar index, a measure of the US currency against a basket of global peers, was fractionally lower at 99.058, continuing to wallow in the wake of Friday’s disappointing US gross domestic product data for the March quarter.

The Korean won and the New Taiwanese dollar were the best of the bunch, chalking up respective gains of 0.8 per cent and 0.7 per cent, despite data showing slowing consumer inflation during April for the former and easing growth in both countries’ manufacturing sectors.

The Australian dollar was up 0.2 per cent at $0.7541 ahead of this afternoon’s central bank policy meeting.

The Japanese yen was flat at ¥‎111.86 per dollar.

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