Thailand, Malaysia among emerging Asian economies comfortable with Fed hike

One of the reasons why the surplus economies are under less pressure is foreign investor positioning

Higher U.S. rates are rattling many emerging markets in much the same way past tightening cycles did, but the Federal Reserve's hawkishness could also bring cheer for a small group of Asian economies that wouldn't mind seeing their currencies weaken.

Fed rate hikes this year and the prospect of more to come have lifted Treasury yields, prompting investors to switch out of riskier emerging market debt and triggering sharp falls in their currencies.

Markets in Argentina, Brazil and Turkey took the biggest hits and in Asia, the central banks of India, Indonesia and the Philippines have raised rates and intervened to defend