OCBC Group Research strategists say the Fed's persistent hawkish stance should
constrain near-term upside for Asian currencies versus the dollar, particularly
low-yield and US-Treasury-sensitive FX such as the Thai baht (THB), South Korean
won (KRW) and, to a degree, the Singapore dollar (SGD). They added falling oil
prices partly offset those pressures by easing current account and inflation
strains for oil-importing currencies including the Indian rupee (INR),
Philippine peso (PHP) and Indonesian rupiah (IDR).
