Asia | Emerging Markets | FX
Summary
• Ongoing exports strength is offsetting reduced yield pickup. We remain neutral CNH.
• We think our long KRW recommendation has further to run with an increasingly hawkish BoK and improved foreign equity inflows.
• We remain bearish on the rupee with further Covid restrictions and still-elevated oil prices.
• USD/TWD has yet to decisively break through 27.6. And with CBC intervention likely to continue, we remain neutral.
• S$NEER has continued to strengthen. With domestic equity strength, ongoing reopening and elevated inflation, we remain bullish.
Summary
• Ongoing exports strength is offsetting reduced yield pickup. We remain neutral CNH.
• We think our long KRW recommendation has further to run with an increasingly hawkish BoK and improved foreign equity inflows.
• We remain bearish on the rupee with further Covid restrictions and still-elevated oil prices.
• USD/TWD has yet to decisively break through 27.6. And with CBC intervention likely to continue, we remain neutral.
• S$NEER has continued to strengthen. With domestic equity strength, ongoing reopening and elevated inflation, we remain bullish.
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