3 June 2015
Rates & FX Monthly Review
Brief Bullish Run for USD Supported
by Yellen’s Hawkish Comment; Further PBoC Rate Cuts on the Cards this year
Highlights
¨
¨ US & UK: The DXY index staged a
2.15% rebound to 96.9; Yellen’s hawkish comment left the door for rate lift-off
this year.
¨ Eurozone:
Long-end EGBs fell amid Greek default fears and Spanish political jitters;
EURUSD holding firm just under 1.1.
¨
Japan & Australia: USDJPY supported by further BoJ easing
speculations; AUDUSD held steady despite interest rate cut as investors
speculate end to dovish bias.
¨
AxJ: Expectations
for further PBoC easing unchanged amid moderation in growth; JPYKRW back in
spotlight amid concerns of declining export competitiveness; MYR topped underperformance
in ASEAN-5.
¨
¨
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