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Forex Flash: KRW tops attractive valuations in Asia - JP Morgan

FXstreet.com (Barcelona) - The biggest drivers in the ADXY in the coming quarters will be KRW, INR and IDR, considered as the best structural long-term value for a combined 25% of the basket, says JP Morgan strategist Daniel Hui.

Daniel notes: "KRW has one of the most attractive valuations among Asian currencies, and is well supported by large net inflows from both the current and capital account. In the past, FX policy had prevented KRW rebalancing through large reserve accumulation, but going forward we expect a greater amount of KRW structural revaluation to be realized."

With regards to INR and IDR, they now represent better value, Daniel says: "INR is now slightly undervalued on our metrics and is already attractive on long-term total return basis. IDR meanwhile will start catching up to then rest of the region this year, as domestic investment and import cycle eases, resorting the current account surplus."

Stevens reappointed RBA governor for another 3 years

Australian Treasurer Wayne Swan has confirmed today that the period in office for Reserve Bank of Australia Governor Glenn Stevens is set to be extended for another 3 years, ahead of September elections, and before the official term ends on September 17. Swan also appointed Kathryn Fagg as new member of the board, replacing Jillian Broadbent.
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Forex: GBP/JPY barely above 141.00 dragged on Pound weakness

Dragged on continued Pound weakness for last 2 trading days, being Pound the weakest currency among majors in that time span, and Yen strength, just the opposite, the strongest one, the cross GBP/JPY is currently dealing with fresh 4-week lows last at 141.10, off absolute lows at 140.95.
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