Asian Currencies a Buy as Japan, US and Europe Print Money
Asian Currencies a Buy as Japan, US and Europe Print Money
The uncertainty surrounding global growth, currency gains and the risk of intervention are prompting retreats in regional currencies.
The Asia Dollar Index, which tracks the regions 10 most- active currencies excluding the yen, fell 0.6 points this week after touching 118.89 on Jan 18, the highest level since September 2011.
The baht ended a seven-week rally, the South Korean won slumped by the most since May and Malaysia’s ringgit had its worst week since June.
South Korean authorities have sold the won this month and Taiwan’s central bank did the same on most days in the past nine months, according to traders.
The Philippines’ record-high foreign-exchange reserves show the extent of central bank intervention, central bank deputy governor Diwa Guinigundo said on Jan 15.
Malaysia’s ringgit slipped 1.2% to 3.0490 per dollar for the week amid concern that investors will sell local stocks as a general election approaches.
These currencies look like long term winners given the comparative financial positions.
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Shayne Heffernan oversees the management of funds for institutions and high net worth individuals. He is also an active consultant working with Corporations around the World.
He is recognized as one of the leading Economists in South East Asia, as well as the preeminent authority on ASEAN. His opinions and forecasts are widely read by decision makers in the region and Internationally.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.
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