2019 was a year of geopolitical risks, trade wars and Brexit distraction. 2020's theme will remain the same with an ongoing foggy outlook. Regarding Asian currencies, we believe the CNY, JPY, AUD, NZD will all continue to weaken modestly.
US Presidential elections will possibly drag US-China trade talks, adding to uncertainty and on the Chinese economic outlook and currency.
Super-low interest rates in Japan will result in Japanese investors' search for yield, putting pressure on the JPY.
Sluggish Antipodean economies will result in further monetary easing, weakening the AUD and NZD.
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