The South Korean won and the Taiwan dollar led Asian currencies higher on Tuesday, supported by a weak dollar stemming from soft US economic data, while Asian equities ticked up.

A slip in new US home sales overnight pushed the dollar to a three month-low, cementing bets that the Federal Reserve’s aggressive campaign of raising rates is likely at an end.

Investors will look to the US Personal Consumption Expenditure (PCE) data out later this week for further cues on rate trajectory.

At 0400 GMT, the dollar index, which measures its strength against six major peers, was at 103.1, steady from its last close.

“Players are still banking on Friday’s anticipated slower PCE deflator inflation as a convincing sign that the Fed is done tightening,” analysts from DBS said in a note.

The South Korean won and the Taiwan unit rose about 0.8% and 0.3%, while the Singapore dollar, Malaysian ringgit and the Indonesian rupiah traded up to 0.3% higher.

Both the Malaysian and the Philippines currencies are set to snap a three-month losing streak in November, while the rupiah likely to log its biggest monthly gain since January.

Thailand’s baht rose as much as 0.4%, hitting its highest level since the end of August to trade at 34.905 to the dollar. It is poised for its second straight monthly gain.

Asian markets weaker; Thai baht, Korean won biggest laggards

The Thai central bank governor, however, flagged that economic growth in the third quarter was disappointing, even as domestic consumption has held up well.

The MSCI International Emerging Market Currency Index inched about 0.1% higher on the day, not far from the 18-month peak the index reached last week.

As for Asian equities, stocks in Bangkok, Kuala Lumpur, Manila and Jakarta firmed in a range of 0.4% to 1.1%.

Separately, Argentinian assets will be closely watched by investors after President-elect Javier Milei visited the United States.

The informal Argentinian peso had ended at 970 to the dollar.