iluckicasinonodepositbonuscodes2022| Bank of America is bearish on various Asian currencies, with the Korean won and Thai baht among them

发布时间:2024-04-24编辑:editor阅读(18)

Huitong Financial App News-- Bank of America is bearish on a series of Asian currenciesIluckicasinonodepositbonuscodes2022Including Korean won, Thai baht and Vietnamese dong The investment bank said it was the beginning of an "era of chaos".

iluckicasinonodepositbonuscodes2022| Bank of America is bearish on various Asian currencies, with the Korean won and Thai baht among them

BofA said there had been a "significant shift" in the won's outlook after the Fed delayed the rate cut and geopolitical risks in the Middle East became the main negative factor.

"We have seen a lot of money flowing into the South Korean stock market since the beginning of the year, but these inflows are starting to reverse as global stock markets are emerging from these two risks," BofA economists wrote. "

The South Korean won recently fell to 1389 against the dollar.Iluckicasinonodepositbonuscodes2022.5 won's 18-month low. The governor of the Bank of Korea called the won volatility "excessive" and said the central bank would intervene if necessary.

Economists at Bank of America say the won is currently overvalued compared to its fair value of 1417.

The dong is trading at 25450 dong to the dollar and has depreciated by nearly 5 per cent so far this year.

BofA said the impact of the Fed's delay in cutting interest rates was compounded by political instability following the resignation of Vietnam's second president in two years and the plight of Vietnam's property sector. These disadvantages have spurred demand for dollars and gold in Vietnam, the bank said.

"We revise our estimates and expect the depreciation pressure of the dong to be further moderate to 25600 by the end of the second quarter, and the dollar / dong will eventually rise to 25700 by the end of the year," the report said.

BofA said the Thai baht was also vulnerable to geopolitical tensions because of higher oil prices and freight costs. The agency raised its forecast for the dollar to the Thai baht to 37 by the end of the year.

BofA did not mention the yen, which is hovering at its lowest level against the dollar in 34 years. The yen has been struggling to fall below Y150 to the dollar since the Bank of Japan raised interest rates in March.

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