Slower Fed Pivot Weakens Rate-Cut Bets Across Emerging Asia [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Asian central banks' need for assertive defense of their currencies is driving traders to turn less dovish on monetary policies in the region. Interest rate swaps for South Korea, Malaysia, and Thailand all jumped in recent weeks, a sign that traders are paring rate-cut expectations in those emerging markets. The Bloomberg Asia Dollar Index fell 0.8% in April, set for the fourth straight monthly decline, as solid US economic data and more hawkish bets for the Federal Reserve steer investors to the dollar. Article content Article content “With later and fewer Fed rate cuts, we also adjust our forecasts for Asian central banks – projecting a later start for an even shallower rate cut path,” Morgan Stanley economists including Chetan Ahya wrote in a note dated April 15. China, South Korea, Indonesia, the Philippines and Taiwan particularly are the
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