Asia FX: Mixed central bank paths shape THB, KRW, PHP – BBH
Brown Brothers Harriman’s (BBH) Elias Haddad expects the Bank of Thailand (BoT) to hold rates at 1.00%, leaving negative real yields that keep Thai Baht (THB) lagging. The Bank of Korea (BoK) is seen hiking again to 3.00%, supporting South Korean Won (KRW) as growth and inflation exceed targets.
Asian currencies face a mixed outlook as central banks adjust their monetary policies. The Bank of Thailand is expected to keep its policy rate at 1.00% for the third consecutive meeting, leaving Thai Baht (THB) lagging due to negative real yields. The Bank of Korea (BoK) is forecast to raise interest rates again to 3.00%, providing support for South Korean Won (KRW) as growth and inflation surpass expectations.
Meanwhile, the Bangko Sentral ng Pilipinas (BSP) is projected to deliver a third consecutive 25 basis point hike to 5.00%, aimed at curbing the Philippine Peso (PHP) weakness following USD/PHP's record high, partly influenced by stronger crude oil prices.
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