'Chaotic era' for Asian currencies: Bank of America is not bullish on any of them [CNBC]
Bank of America Corporation (BAC)
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Source: CNBC
"We are not bullish on any currency in Asia," Bank of America said in a recent report, with many currencies impacted by a delayed Federal Reserve easing cycle and sustained strength in the U.S. dollar The investment bank singled out the Chinese yuan South Korean won Taiwan dollar Thai baht and Vietnamese dong under its bearish category. Among their "neutral" list of currencies are the Hong Kong dollar , the Indonesian rupiah , the India rupee , the Malaysian ringgit , the Philippine peso and the Singapore dollar Chinese yuan BofA forecasts the Chinese yuan to trade at 7.35 against the dollar this quarter and weaken to 7.45 in the third and fourth quarters. The bank expects yuan depreciation pressures to sustain into the second half of the year, due to: the delayed Fed easing, China's disinflationary behavior aggravating yield gap with the U.S. and a weak financial account as a result of a deterioration in foreign direct investment. Hotter-than-expected U.S. inflation in M
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