Currencies

Asian currencies have broadly weakened since the June FOMC meeting, with the move linked to wider swap rate differentials and a US “higher-for-longer” rates backdrop. THB, KRW and PHP have posted the sharpest declines, while INR and VND have been steadier, a divergence tied to relative yield profiles and differing policy settings across the region. Thailand’s baht is described as exposed as a low-yielding unit, alongside a growth-oriented stance from the Bank of Thailand. The Philippine peso has also drifted lower despite higher carry, with further downside framed as potentially...