18 Aug 2015
Asian FX remains under heavy pressure – BTMU
FXStreet (Edinburgh) - Lee Hardman, Currency Analyst at BTMU, reviewed the scenario for the Asian currencies post-PBoC move.
Key Quotes
“The accelerated sell-off in Asian currencies which was triggered by last week’s devaluation of the renminbi has continued in the Asian trading session”.
“The Asian currency dollar index is on course to decline for the sixth consecutive day”.
“The Malaysian ringgit continues to remain under the most downward pressure which is being reinforced by the ongoing decline in the price of crude oil”.
“In contrast, the onshore renminbi has remained more stable in the Asian trading weakening only modestly after the PBoC set the daily fix for USD/CNY marginally higher”.
“However, the Shanghai Composite equity index has declined more sharply by around 6% reversing most of its initial gains recorded since the devaluation of the renminbi”.
Key Quotes
“The accelerated sell-off in Asian currencies which was triggered by last week’s devaluation of the renminbi has continued in the Asian trading session”.
“The Asian currency dollar index is on course to decline for the sixth consecutive day”.
“The Malaysian ringgit continues to remain under the most downward pressure which is being reinforced by the ongoing decline in the price of crude oil”.
“In contrast, the onshore renminbi has remained more stable in the Asian trading weakening only modestly after the PBoC set the daily fix for USD/CNY marginally higher”.
“However, the Shanghai Composite equity index has declined more sharply by around 6% reversing most of its initial gains recorded since the devaluation of the renminbi”.