Most Asian currencies surge

Most Asian currencies edged higher on Thursday after the US Federal Reserve flagged possible interest rate cuts later this year at its policy meeting, putting the dollar on the defensive.
While the Fed stood pat on policy at its Wednesday meeting, it signalled it was ready to tackle global and domestic economic risks by slashing rates, possibly as early as next month.
A bulk of Fed policymakers lowered their rate outlook for the year by roughly half a percentage point.
The dollar index against a basket of six major currencies was 0.2% lower at 0349 GMT.
The Fed's more dovish outlook was likely to be one focus of discussions at several central bank meetings in Asia later in the day, with investors wondering whether they, too, could open the door for possible easing later in the year.
While the central banks of Indonesia and Taiwan are expected to keep rates on hold, respondents surveyed by Reuters see the Philippine central bank cutting rates.
The Philippine central bank is expected to cut benchmark rates for the second meeting in a row, the poll showed, though suggesting it would be a close call as policymakers try to strike a balance between supporting growth and curbing inflation pressures.
"Growth in Q2 may also be softer given sluggish exports dragging manufacturing activities and government expenditure is unlikely to pick up significantly until June," Mizuho said in note.
"Furthermore, as credit growth continues to slip on top of soft growth momentum, the bias is for BSP to cut sooner rather than later."
The peso was the only outlier on the day, weakening marginally against the dollar.
Bank Indonesia is expected to begin cutting rates later this year.
However, its Taiwan counterpart may wholly bypass the easing route this year ,according to some economists, who say monetary conditions in Taiwan are already accommodative due to a slide in bond yields and a drop in the local currency.
The Taiwanese dollar and the Indonesian rupiah were 0.18% and 0.77% firmer, respectively.
The yuan climbed to a more than one-month high on Thursday, its third straight day of advances.
Sentiment was buttressed by signs that China and the United States could resume trade negotiations after a six-week hiatus.
Earlier this week, US President Donald Trump said he would meet his Chinese equivalent Xi Jinping at the G20 summit in Japan later in June and that trade talks between the two nations were to restart earlier. Analysts do not expect a breakthrough deal at the summit but said damaging new tariffs could be postponed if Trump and Xi believe they are making progress.