Malaysia’s ringgit and New Zealand’s dollar led gains among Asia-Pacific currencies after the People’s Bank of China announced a cut to banks’ reserve requirements. The euro rose for a third day against the greenback before European finance ministers meet to discuss a second aid package for Greece. The yen touched a six-month low versus the dollar as data showed Japan had its largest monthly trade deficit on record.
“The market is probably expecting more easing” from China’s central bank, said Mike Jones, a foreign-exchange strategist at Bank of New Zealand in Wellington. “If we do get the Greek deal on top of that, it’s likely to provide an additional risk kicker.”
