Emerging Markets - Philippine peso set for best day in 14 years as Asian markets rally

MANILA (Reuters): Emerging Asian currencies and stocks rallied on Friday, with the Philippine peso set for its strongest daily gain in 14 years, as market participants bet that the US Federal Reserve might be done with rate hikes.

The peso jumped 1.3% to 15,750 per US dollar by 0715 GMT and was on track for its biggest daily gain since December 2009 amid expectation of another rate hike by the country's central bank.