Mitsubishi UFJ: Rising oil prices may put pressure on Asian currencies
According to Golden Ten Data on April 30, Asian currencies are consolidating against the US dollar but may be weighed down by rising oil prices. In a research report, Lloyd Chan, Senior FX Analyst at Mitsubishi UFJ, stated, "As the US and Iran are locked in a prolonged standoff, energy flows through the Strait of Hormuz continue to be disrupted, driving up oil prices," which is creating "downward pressure on oil-sensitive regional currencies," including the Philippine peso and the Thai baht.
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