🌏🔻 ADXY On Track For Worst Year On Record: Cable FX Macro
- Rosbel Durán
- Oct 10, 2022
- 1 min read
Yuan is down 0.53% to the dollar, Korean won down 0.74%, the Australian dollar down 0.79% on ASIAPAC session
A broad APac FX index (magenta, Chart1) to the dollar shows the softness in the region currencies has resumed over the last couple of sessions
From safe haven characteristics to carry, the USD is looking favoured from here. In terms of 3Mo deposit rates, the ASIAPAC region is ticking negative spreads across the board, except for Indonesia and Vietnam
Another way to see show the region weakness is the ADXY, which is half weighted on the yuan, the index is down 10.51% YTD, on track of the worst year since the index was created by Bloomberg
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