What caused Asian currencies to perform favourably against the US dollar?

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Asian currencies performed favourably against the US dollar due to softer US jobs data that supported expectations the Federal Reserve would not be quick to raise its benchmark rate.
The ringgit ended higher against the US dollar after the latest US Nonfarm Payrolls (NFP) data came in below expectations, which helped lift sentiment across Asian currencies. At 6 pm, the ringgit was quoted at 4.0690/0735 versus the greenback, improving from the previous close of 4.0780/0830, with the move linked to the weaker NFP reading.
US Nonfarm Payrolls data landed below expectations
The key catalyst was the latest US NFP figure, which arrived below market expectations. That outcome was interpreted as indicating the US Federal Reserve was not in a hurry to raise its benchmark interest rate.
Fed rate expectations influenced currency sentiment
When expectations shift toward a slower pace of benchmark rate increases, Asian currencies can find support versus the US dollar. In this case, the below-expectations NFP reading was specifically tied to the view that the Federal Reserve would not rush to lift its benchmark rate, helping the ringgit and other Asian currencies trade more favourably.
The ringgit strengthened broadly versus major currencies at the close
Asian currency sentiment showed up in broader FX moves at the end of the trading day. The ringgit rose against the British pound to 5.4325/4385 from 5.4401/4467, and gained against the Japanese yen to 2.5253/5281 from 2.5295/5327, while still finishing lower versus the euro at 4.6553/6606 from 4.6526/6583.
Some regional currencies moved in line, others diverged
Not all pairings moved the same way, but the overall tone remained supportive. The ringgit slid against the Singapore dollar to 3.1521/1558 from 3.1517/1558 and slipped against the Thai baht to 12.2782/2966 from 12.2411/2613, while it was higher against the Indonesian rupiah to 226.5/226.8 from 226.6/226.9 and unchanged against the Philippine peso at 6.62/6.63.

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What caused Asian currencies to perform favourably against the US dollar?

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