APAC Currencies: Global Dynamics Versus Local Factors

This report outlines UBS's outlook for Asia-Pacific currencies, balancing global factors like energy prices and Fed policy against regional economic drivers. UBS favors currencies such as the CNY, SGD, and AUD, while maintaining a cautious outlook on the INR, IDR, and PHP.

Key Takeaways

• 1.APAC currencies are driven by global macroeconomic factors like oil prices and Fed policy, alongside local balance-of-payment dynamics.
• 2.UBS remains favorable on AUD, CNY, SGD, KRW, and TWD, while expecting moderate weakness in PHP, IDR, and INR.

Table of Contents

• APAC currencies: Global dynamics versus local factors
• New Asia FX forecasts
• Old Asia FX forecasts
• Global asset class preferences definitions
• Appendix

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