Asian FX inch higher as Fed rate hike bets recede; Turkish lira at record low

ASIAN emerging currencies traded without much direction on Wednesday as the U.S. dollar wobbled on retreating expectations of a U.S. Federal Reserve rate hike next week, while the Turkish lira depreciated more than 6% to a record low level against the dollar.

In Asia, the Philippine peso and the South Korean won appreciated 0.1% and 0.4% against the U.S. dollar, with the won trading at its highest level since April 14.