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JP Morgan Remain Focused on ex-China, Short RMB vs SGD, THB, AUD Basket

ASIA FX
  • With global equities staging a strong rally and China markets continuing their rebound, Asia FX rallied in line with the global FX complex, but differentiation continued between high and low yielders on a beta-adjusted basis, JP Morgan write in a note.
  • Domestically oriented carry trades IDR, INR and PHP outperformed their historical betas, while trade reliant low yielders underperformed. Markets remain sceptical of a potential uplift from China beyond the short squeeze in equities, and JPM continue to see the best expression of a China rebound trade in the ex-China basket. SGD, THB and AUD remain the best proxies, in their view.
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