Published by Mark Smith-HalvorsenAsian currencies have climbed this week amid multiple indicators of economic recovery.The Singapore dollar and Malaysia's ringgit led the foreign exchange trading rally, with governmental reports indicating that the region is pulling out of recession.Shares were also up this week and were providing a strong support for further currency rises next week, with the MCSI Asia-Pacific Index up more than two per cent during the week.Speaking to Bloomberg, Sim Moh Siong, a foreign-exchange strategist at Bank of Singapore, said: "Recovery momentum in Asia is still intact and should continue to benefit from the uptick in the manufacturing cycle. The long-term picture should continue to favour Asian and emerging-market currencies."The Philippine peso has been the strongest performing currency in the region in February, with the country's migrant workforce expected to boost capital inflows into the country as they send earnings home to support their families.Elsewhere, Bloomberg has reported that China may soon be landed with higher US trade duties to encourage an adjustment of the yuan.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site