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Home Forex News

BofA anticipates rise in USD/CNY, bearish on Asian currencies By Investing.com

by Tradinghow
April 24, 2024
in Forex News
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BofA anticipates rise in USD/CNY, bearish on Asian currencies By Investing.com
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Bank of America (BofA) forecasted that the exchange rate is expected to increase, projecting a rise to 7.35 by the second quarter of 2024 and reaching a peak of 7.45 by the third quarter of the same year. The bank’s outlook is based on persistent rate differentials and unbalanced policy measures.

In addition to its outlook on the Chinese yuan, BofA has adjusted its stance on other Asian currencies. The bank has turned bearish on the Korean won (KRW) and adopted a neutral position on the Indian rupee (INR), attributing these changes to the strength of the US dollar.

BofA’s bearish perspective also extends to the Taiwanese dollar (TWD), Thai baht (THB), and Vietnamese dong (VND), citing portfolio outflows as a contributing factor.

BofA remains neutral on a range of other Asian currencies, including the Hong Kong dollar (HKD), Indonesian rupiah (IDR), Malaysian ringgit (MYR), and Philippine peso (PHP), as well as maintaining a neutral outlook on the Singapore dollar (SGD). The financial institution has not expressed a bullish sentiment on any Asian currency at this time.

The bank’s analysis indicates a cautious approach towards Asian currencies in the face of a strengthening US dollar, which impacts exchange rates and could influence regional economic dynamics. The forecasted rise in the USD/CNY exchange rate suggests that investors and businesses with exposure to these currencies should be aware of potential fluctuations in the coming months.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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