BENGALURU- Singapore stocks were set for their fifth straight weekly gain on Friday as the island-state’s strong economic outlook boosted investor sentiment, while Asian currencies firmed for the day on revived bets of a bigger rate cut in the United States.

Stocks in Singapore rose 0.3 percent, hovering around the more-than-six-year-high notched on Thursday. The Singapore dollar was 0.2 percent higher against the greenback.

“I think the economic outlook for Singapore is quite optimistic,” said Jeff Ng, head of Asia macro strategy at Sumitomo Mitsui Banking.

“The central bank is expected to continue to appreciate the currency in terms of the monetary policy funds. So I think that will continue to support the currency strength.”

The managing director of the Monetary Authority of Singapore (MAS) said at a forum that the city-state’s economy was likely to expand at the upper end of its 2 percent -3 percent growth range this year.

Elsewhere in the region, stocks in Thailand climbed 0.5 percent , a day after Prime Minister Paetongtarn Shinawatra outlined her government’s plans to the parliament which included giving around $13.4 billion in one-time cash assistance to citizens to spur consumption.

“We do note that the relative political stability could be boosting appetite for Thai stocks as inflows have been strong recently and this could also be giving support for the baht,” Maybank analysts said in a note.

The Thai baht gained as much as 0.5 percent , hitting its highest in more than 18 months as lawmakers move to boost Southeast Asia’s second largest-economy.

Apart from relative political stability since the new PM has taken the helm, and inflows from investors who are re-evaluating emerging markets as the Federal Reserve looks set to cut rates next week, the baht has also benefited from gold prices scaling record highs.

Other Asian currencies were also trading higher as a large half-point Fed rate cut next week is back on the table after reports suggested the decision was a tough one for officials.

The Indonesian rupiah Philippine peso Malaysian ringgit and the Taiwan dollar gained between 0.2 percent and 0.8 percent . The South Korean won jumped 1 percent.