Asia | Emerging Markets | FX
Summary
• We remain neutral CNH with reduced yield pickup likely to weigh on portfolio inflows.
• Our tactical long KRW has yet to play out. But with higher DRAM prices, easing supply disruptions and the won around the intervention threshold, we remain bullish.
• Delayed RBI rate hikes given the latest mobility restrictions and a weaker BBoP leave near-term risks for INR. We turn bearish.
• TWD ended 2021 around its strongest level since 1997. Appetite for further strength is limited and we remain neutral.
• With strong Q4 GDP growth and accelerating inflation, we remain bullish S$NEER.
Summary
• We remain neutral CNH with reduced yield pickup likely to weigh on portfolio inflows.
• Our tactical long KRW has yet to play out. But with higher DRAM prices, easing supply disruptions and the won around the intervention threshold, we remain bullish.
• Delayed RBI rate hikes given the latest mobility restrictions and a weaker BBoP leave near-term risks for INR. We turn bearish.
• TWD ended 2021 around its strongest level since 1997. Appetite for further strength is limited and we remain neutral.
• With strong Q4 GDP growth and accelerating inflation, we remain bullish S$NEER.
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