Currencies

Currencies

OCBC says Asian currencies may reverse, led by KRW, as Hormuz tensions lift oil, weakening peers

OCBC strategists Sim Moh Siong and Christopher Wong said Asian foreign exchange may give back gains from late Friday. This follows Iran’s renewed closure of the Strait of Hormuz, while the US dollar may pick up safe-haven demand. High-beta Asian currencies are expected to lead the pullback, with KRW flagged as the main mover. The KRW had risen earlier after more positive developments. Market Reaction And Safe Haven Dynamics Other Asian currencies, including TWD, INR, THB and PHP, may also weaken. The reasoning is their sensitivity to oil prices and...
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