Lates News

Brendan McKenna, emerging market economist and foreign exchange strategist at Commonwealth Bank, commented on the Federal Reserve's decision, predicting that Asian emerging market currencies will catch up with the rising trend of emerging market currencies during the New York session. The long-awaited hawkish rate cut did not materialize, and with the expansion of US Treasury purchases, the US dollar should face further depreciation pressure. The strengthening foundation of Asian emerging market currencies will be broad, with high beta currencies like the South Korean won and the Indonesian rupiah potentially outperforming the market. The South Korean won has lagged behind a bit, making its valuation more attractive and potentially bringing more upside. The Indonesian rupiah is in a similar situation.