Rough ride ahead for Asian FX
Net foreign inflows into Asian equities have stalled, with Taiwan actually suffering accelerated outflows. Also, the signs don’t appear encouraging, with the SOX Philadelphia semi-conductor index, a tech bellwether and leading indicator for Asia, down 11.6% year-to-date.
The other key component to long Asia FX positions – renminbi revaluation – is being clouded by both comments from Chinese officials and a growing consensus that the G7 comments on February 4 will disappoint.
In fixed income
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