Towards the end of last year, the expectation among most analysts was that the pattern of significant FX volatility would continue, but with relatively few surprises on the interest rate front across the major Asian economies.
But, as the first quarter of this year has shown, Donald Trump had other ideas. Now, interest rate movements are playing second fiddle to tariffs developments as drivers of Asian currencies – although most central banks in the region are primed to ease monetary policy further, with several having already eased in the first quarter amid a deterioration in the growth outlook.
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