BarCap predicts another 'currency war' and more Korean turmoil

The UK bank’s head of emerging Asia research, Peter Redward, looks forward to another tricky year for investors and forecasts an Asian bond sell-off.
Peter Redward: No clear macro themes
Peter Redward: No clear macro themes

There was something of a military tinge to comments made last week by Peter Redward, head of emerging Asia research at Barclays Capital in Singapore. He could be forgiven for that, though, as he was speaking about turbulence on the Korean peninsula and the recent global currency wars’.

Following much-discussed efforts by various countries in recent months to weaken their currencies against the dollar, a period of calm has now settled as regards the greenback and Asian currencies, says Redward.

That’s largely because the turbulence in Europe has brought a very substantial adjustment in foreign exchange positioning in this region, he argues. “A lot of positions have been closed out, as exporters have...

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