According to CoinMeta, market expectations for a Fed interest rate hike have cooled down, leading to emerging market currencies reaching record highs and stimulating demand for risk assets. An index tracking emerging market currencies rose by 0.2% on Monday to 1906.98, hitting a new historical high, and the emerging market stock index also rose by 0.6%. Weaker U.S. economic data has diminished market expectations for further policy tightening by the Fed, while a weaker dollar has provided support for the rise in emerging market assets. Wee Khoon Chong, a senior strategist for New York Mellon Bank's Asia-Pacific markets, said, "Emerging market currencies are supported today, mainly due to the weakening dollar and a sustained rebound in stock market risk appetite. We see a strong reinflow of foreign capital into emerging markets, especially in Asia." Galvin Chia, an emerging Asia strategist at Societe Generale, stated, "Asian currencies seem to have benefited from last week's weak U.S. data and the weakening trend of the dollar at the beginning of this week. The lack of new geopolitical news over the weekend, as well as Brent crude oil prices below $90, may also provide support for the market, and it seems that the market is at the end of the summer slack season."