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  • Cross-currents and vulnerability in AXJ currencies - Updated Tue March 17, 2015

    Asian currency performance has varied significantly this year, in line with our ‘cross-currents’ call • USD-AXJ is likely to see further upside in Q2 on valuation, policy divergence and flow volatility • We raise higher our USD-CNY, USD-IDR, USD-M...

  • KRW – Underpinned by ‘under-conversion’ - Updated Thu April 17, 2014

    Korea’s substantial current account surpluses have been fully recycled by capital account deficits • Under-conversion of overseas FX receivables may be a source of KRW demand going forward • Growth-inflation mix is broadly neutral for USD-KRW, b...



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