MUFG: Yen Strength Benefits Korean Won, Thai Baht, Singapore Dollar
MUFG analyst Michael Wan identifies the Korean Won, Thai Baht, and Singapore Dollar as primary beneficiaries if Japanese Yen strength persists, citing their high sensitivity to Yen moves.
USDKRWUSDTHBUSDSGDUSDPHPUSDJPY
According to Michael Wan at MUFG, the South Korean Won, Thai Baht, Singapore Dollar, and to a lesser extent the Philippine Peso, stand to gain if the Japanese Yen continues to strengthen. These currencies exhibit a higher sensitivity to Yen movements, making them the main Asian FX beneficiaries in such a scenario.
The analysis considers the export backdrop, though further details were not elaborated in the note. The call highlights a potential divergence in Asian currency performance tied to Yen dynamics.
Source: FXStreet Forex News