JPM_Global Asset Allocation_watermark

Nikolaos Panigirtzoglou

John Normand

Global Cross-Asset Strategy

(44-20) 7134-7815

(44-20) 7134-1816

07 December 2018

Real GDP

Real GDP

Consumer prices

% over a year ago

% over previous period, saar

% over a year ago

2018

2019

2020

2Q18

3Q18

4Q18

1Q19

2Q19

3Q19

2Q18

4Q18

2Q19

4Q19

United States

2.9

2.4

1.5

4.2

3.5

2.5

2.3

2.0

1.8

2.6

2.3

1.7

1.8

Canada

2.1

2.2

1.6

2.9

2.0

2.5

2.2

2.2

1.9

2.3

2.2

2.1

2.2

Latin America

1.2

1.8

2.2

-1.2

2.2

-0.7

1.9

3.7

3.1

3.5

4.1

4.1

3.8

Argentina

-2.7

-1.5

2.6

-15.2

-0.5

-13.0

-1.0

8.0

5.0

27.1

47.4

48.1

27.7

Brazil

1.2

2.3

2.2

0.7

3.1

0.6

2.6

3.2

3.2

3.3

4.2

4.3

4.0

Chile

3.8

3.5

3.0

2.7

1.1

3.0

4.0

4.2

4.0

2.2

3.0

3.6

3.6

Colombia

2.7

3.1

3.1

2.4

0.9

3.0

2.8

4.5

3.5

3.2

3.4

3.6

3.8

Ecuador

0.2

-0.7

-0.8

1.5

-2.5

0.8

-1.5

0.0

-2.0

-0.8

0.0

0.3

0.5

Mex ico

2.0

1.9

1.7

-0.4

3.4

1.0

1.5

2.0

1.8

4.6

4.6

4.1

3.6

Peru

4.0

3.9

3.6

5.4

1.0

3.0

4.5

4.0

4.0

0.9

2.4

2.6

2.7

Venezuela

-10.0

…

0.0

0.0

1.0

2.0

…

…

…

28250

600000

..

..

Asia/Pacific

4.9

4.6

4.5

5.2

3.9

4.8

4.6

4.5

5.0

2.0

2.3

2.7

2.4

Japan

1.0

1.2

0.6

3.0

-1.2

3.0

1.5

1.0

2.5

0.6

0.9

0.7

0.7

Australia

2.9

2.5

2.7

3.6

1.0

1.9

2.8

3.0

2.8

2.1

2.1

2.4

2.2

New Zealand

2.7

2.5

2.6

3.9

2.8

1.5

2.8

2.5

2.5

1.5

2.4

2.5

2.1

EM Asia

6.0

5.6

5.6

5.8

5.4

5.5

5.5

5.5

5.8

2.3

2.6

3.3

2.9

China

6.6

6.1

6.1

6.6

6.0

6.1

5.9

5.9

6.3

1.8

2.6

3.4

2.7

India

7.3

7.2

7.1

7.6

6.9

6.8

6.6

7.1

7.5

4.8

3.4

4.6

5.0

Ex China/India

3.7

3.5

3.5

2.9

2.9

3.4

3.8

3.5

3.7

2.1

2.1

2.2

2.2

Hong Kong

3.3

2.7

2.6

-0.8

0.4

2.0

4.0

3.5

3.3

2.1

2.6

2.8

3.0

Indonesia

5.1

4.8

4.9

5.8

4.8

4.7

5.0

4.8

4.9

3.3

3.0

3.2

3.4

Korea

2.6

2.7

2.6

2.4

2.3

2.4

2.8

2.8

2.9

1.5

1.8

1.7

1.7

Malay sia

4.7

4.7

4.5

1.2

6.7

4.0

4.7

4.5

4.5

1.3

0.3

1.3

1.8

Philippines

6.3

6.2

6.3

6.3

5.9

6.6

5.7

6.1

6.6

4.8

6.5

4.5

2.5

Singapore

3.0

2.4

3.0

1.0

3.0

0.9

4.4

1.0

2.8

0.3

0.9

1.4

1.6

Taiw an

2.7

2.1

2.1

1.1

1.5

2.7

1.9

2.1

2.2

1.7

1.5

1.7

2.0

Thailand

4.2

3.8

3.8

3.7

-0.1

4.5

4.4

3.5

4.5

1.3

1.1

1.2

1.3

Western Europe

1.9

1.9

1.9

1.8

1.0

2.3

1.9

2.0

2.0

1.8

2.1

1.6

1.4

Euro area

2.0

1.9

1.9

1.8

0.7

2.5

2.0

2.0

2.0

1.7

2.0

1.4

1.2

Germany

1.7

2.1

1.9

1.8

-0.8

3.5

2.5

2.3

2.0

1.9

2.2

1.9

1.5

France

1.6

1.9

1.9

0.6

1.6

2.0

2.0

2.0

2.0

2.1

2.2

1.4

1.3

Italy

1.0

0.6

0.9

0.7

-0.5

1.0

0.5

0.8

0.8

1.0

1.6

1.1

1.0

Spain

2.5

2.3

1.9

2.3

2.4

2.5

2.3

2.3

2.0

1.8

1.9

1.1

1.1

Norw ay

2.4

2.1

2.0

2.7

1.1

2.8

2.1

2.1

2.1

2.4

3.1

2.2

1.1

Sw eden

2.4

1.9

1.8

2.0

-0.9

3.3

2.0

2.0

2.0

1.9

2.6

2.6

2.5

United Kingdom

1.3

1.8

1.8

1.6

2.5

1.0

1.5

2.0

2.3

2.4

2.2

2.2

2.1

EMEA EM

2.7

1.9

2.5

3.1

0.0

1.0

1.0

2.8

3.3

4.6

7.1

7.1

5.5

Czech Republic

2.9

2.8

3.1

2.8

2.3

4.2

3.5

3.3

3.3

2.3

2.2

2.7

2.3

Hungary

4.7

3.8

2.8

4.4

5.5

3.0

4.0

4.0

3.5

2.7

3.4

3.3

2.5

Israel

3.4

3.4

3.5

1.2

2.3

2.0

3.8

4.1

4.2

0.7

1.2

1.0

1.4

Poland

5.1

4.0

3.5

4.5

7.0

3.0

3.8

3.8

3.8

1.7

1.6

2.3

2.5

Romania

4.2

3.0

1.5

6.0

7.8

1.2

2.0

2.0

2.7

5.3

4.0

3.2

3.9

Russia

1.6

1.4

1.6

3.1

0.0

1.3

0.3

2.0

2.5

2.5

3.8

5.0

4.6

South Africa

0.5

1.2

1.1

-0.4

2.2

2.5

0.0

1.3

1.5

4.5

5.0

5.5

5.5

Turkey

3.3

0.2

3.7

3.8

-9.6

-2.8

-1.6

3.8

5.0

12.8

22.5

20.0

12.6

Global

3.3

3.0

2.8

3.6

2.8

3.0

2.9

3.1

3.2

2.4

2.6

2.5

2.3

Dev eloped markets

2.3

2.1

1.6

3.1

1.9

2.5

2.1

1.9

2.0

2.1

2.0

1.6

1.6

Emerging markets

4.7

4.4

4.6

4.3

4.0

3.8

4.2

4.8

5.0

2.8

3.5

4.0

3.4

Nikolaos Panigirtzoglou

John Normand

Global Cross-Asset Strategy

(44-20) 7134-7815

(44-20) 7134-1816

07 December 2018

nikolaos panigirtzoglou@jpmorgan.com john.normand@jpmorgan.com

Marko Kolanovic, PhD

(1-212) 272-1438

marko.kolanovic@jpmorgan.com

Central Bank Policy Rate Watch

Forecast (%pa)

Official

Current

Change since (bp)

Last change

Next meeting

Forecast

rate

rate (%pa)

05-07 avg

oya

next change

Dec 18

Mar 19

Jun 19

Sep 19

Dec 19

Global

2.65

-145

44

2.73

2.83

2.93

3.05

3.19

ex cluding US

2.81

-140

67

2.82

2.86

2.90

2.97

3.07

Dev eloped

1.04

-205

36

1.16

1.28

1.42

1.59

1.80

Emerging

5.35

-167

50

5.37

5.43

5.46

5.50

5.53

Latin America

6.35

-456

2

6.43

6.55

6.84

7.38

7.88

EMEA EM

9.11

262

258

9.11

9.26

9.07

8.58

7.97

EM Asia

4.28

-142

9

4.29

4.32

4.34

4.39

4.46

The Americas

2.86

-228

87

3.07

3.30

3.56

3.85

4.14

United States

Fed funds

2.25

-208

100

26 Sep 18 (+25bp)

19 Dec 18

19 Dec 18 (+25bp)

2.50

2.75

3.00

3.25

3.50

Canada

O/N rate

1.75

-188

75

24 Oct 18 (+25bp)

9 Jan 19

Jan 19 (+25bp)

1.75

2.00

2.25

2.50

2.75

Brazil

SELIC O/N

6.50

-894

-50

21 Mar 18 (-25bp)

12 Dec 18

Jun 19 (+25bp)

6.50

6.50

6.75

7.75

8.75

Mex ico

Repo rate

8.00

6

93

15 Nov 18 (+25bp)

20 Dec 18

20 Dec 18 (+25bp)

8.25

8.50

8.75

8.75

8.75

Chile

Disc rate

2.75

-175

25

18 Oct 18 (+25bp)

1 Feb 19

Jan 19 (+25bp)

2.75

3.00

3.25

3.50

3.50

Colombia

Repo rate

4.25

-300

-50

29 Jan 18 (-25bp)

21 Dec 18

Mar 19 (+25bp)

4.25

4.50

5.00

5.25

5.25

Peru

Reference

2.75

-123

-50

8 Mar 18 (-25bp)

13 Dec 18

Jan 19 (+25bp)

2.75

3.00

3.50

3.75

4.00

Europe/Africa

1.68

-200

42

1.68

1.72

1.72

1.72

1.80

Euro area

Depo rate

-0.40

-238

0

10 Mar 16 (-5bp)

13 Dec 18

3Q 19 (+15bp)

-0.40

-0.40 -0.40

-0.25

0.00

United Kingdom

Bank rate

0.75

-417

25

2 Aug 18 (+25bp)

20 Dec 18

May 19 (+25bp)

0.75

0.75

1.00

1.00

1.25

Norw ay

Dep rate

0.75

-233

25

20 Sep 18 (+25bp)

13 Dec 18

1Q 19 (+25bp)

0.75

1.00

1.00

1.25

1.25

Sw eden

Repo rate

-0.50

-302

0

11 Feb 16 (-15bp)

20 Dec 18

4Q 18 (+25bp)

-0.25

-0.25

0.00

0.00

0.25

Czech Republic

2-w k repo

1.75

-65

125

1 Nov 18 (+25bp)

20 Dec 18

1Q 19 (+25bp)

1.75

2.00

2.25

2.25

2.25

Hungary

3-m dep

0.90

-641

0

21 May 16 (-15bp)

18 Dec 18

3Q 19 (+20bp)

0.90

0.90

0.90

1.10

1.50

Israel

Base rate

0.25

-397

15

26 Nov 18 (+15bp)

-

1Q 19 (+25bp)

0.25

0.50

0.75

1.00

1.00

Poland

7-day interv

1.50

-317

0

4 Mar 15 (-50bp)

9 Jan 19

4Q 19 (+25bp)

1.50

1.50

1.50

1.50

1.75

Romania

Base rate

2.50

-644

75

7 May 18 (+25bp)

-

2Q 19 (+25bp)

2.50

2.50

2.75

3.25

3.75

Russia

Repo rate

7.50

550

-75

14 Sep 18 (+25bp)

14 Dec 18

Mar 19 (+25bp)

7.50

7.75

7.75

7.75

7.75

South Africa

Repo rate

6.75

-148

0

22 Nov 18 (+25bp)

17 Jan 19

Mar 19 (+25bp)

6.75

7.00

7.00

7.25

7.25

Turkey

1-w k repo

24.00

799

1175

13 Sep 18 (+625bp)

13 Dec 18

Jun 19 (-100bp)

24.00

24.00

23.00

20.50

17.50

Asia/Pacific

3.28

-34

11

3.28

3.30

3.32

3.36

3.41

Australia

Cash rate

1.50

-438

0

2 Aug 16 (-25bp)

5 Feb 19

On hold

1.50

1.50

1.50

1.50

1.50

New Zealand

Cash rate

1.75

-556

0

11 Aug 16 (-25bp)

13 Feb 18

On hold

1.75

1.75

1.75

1.75

1.75

Japan

O/N call rat

-0.10

-33

-6

28 Jan 16 (-20bp)

23 Jan 19

On hold

-0.10

-0.10 -0.10

-0.10

-0.10

Hong Kong

Disc. w ndw

2.50

-331

100

26 Sep 18 (+25bp)

-

19 Dec 18 (+25bp)

2.75

3.00

3.25

3.50

3.75

China

1-y r w orkin

4.35

-175

0

23 Oct 15 (-25bp)

-

On hold

4.35

4.35

4.35

4.35

4.35

Korea

Base rate

1.75

-233

25

30 Nov 18 (+25bp)

-

4Q 19 (+25bp)

1.75

1.75

1.75

1.75

2.00

Indonesia

BI rate

6.00

-368

175

15 Nov 18 (+25bp)

20 Dec 18

1Q 19 (+25bp)

6.00

6.25

6.50

6.75

7.00

India

Repo rate

6.50

-31

50

1 Aug 18 (+25bp)

9 Feb 19

3Q 19 (+25bp)

6.50

6.50

6.50

6.75

7.00

Malay sia

O/N rate

3.25

5

25

25 Jan 18 (+25bp)

-

On hold

3.25

3.25

3.25

3.25

3.25

Philippines

Rev repo

4.75

-229

175

15 Nov 18 (+50bp)

13 Dec 18

1Q 19 (+25bp)

4.75

5.00

5.00

5.00

5.00

Thailand

1-day repo

1.50

-219

0

29 Apr 15 (-25bp)

19 Dec 18

4Q 18 (+25bp)

1.75

2.00

2.00

2.00

2.00

Taiw an

Official disc.

1.38

-114

138

30 Jun 16 (-12.5bp)

20 Dec 18

2Q 19 (+13bp)

1.38

1.38

1.50

1.63

1.75

Nikolaos Panigirtzoglou

John Normand

Global Cross-Asset Strategy

(44-20) 7134-7815

(44-20) 7134-1816

07 December 2018

nikolaos panigirtzoglou@jpmorgan.com john.normand@jpmorgan.com

Marko Kolanovic, PhD

(1-212) 272-1438

marko.kolanovic@jpmorgan.com

Global Rates Forecast

YTD chg.

YTD chg.

07-Dec*

Mar-19 Jun-19 S ep-19

Dec-19

(bp)

07-Dec*

Mar-19 Jun-19 Sep-19 Dec-19

(bp)

US

Fed funds

2.00-2.25 2.50-2.75 2.75-3.00 3.00-3 25 3.25-3 50

75

UK

Base rate

0.75

1.00

1.00

1.25

1 25

25

3M Libor

2.77

2.95

3.20

3.45

3.70

108

3M Libor

0 91

1.05

1.05

1.30

1 30

39

2Y bmk yield

2.76

3.25

3.45

3.60

3.70

87

2Y bmk yield

0.75

0.95

1.10

1.20

1 35

31

5Y bmk yield

2.75

3.30

3.45

3.55

3.60

54

5Y bmk yield

0.80

1.05

1.20

1.30

1.40

9

10Y bmk yield

2.89

3.35

3.50

3.55

3.60

48

10Y bmk yield

1 28

1.65

1.75

1.85

1 90

9

30Y bmk yield

3.17

3.45

3.55

3.55

3 55

43

30Y bmk yield

1.84

2.10

2.15

2.20

2 25

9

2s/10s bmk curve

13

10

5

-5

-10

-39

2s/10s bmk curve

53

70

65

65

55

-22

10s/30s bmk curve

28

10

5

0

-5

-6

10s/30s bmk curve

57

45

40

35

35

0

2s/30s bmk curve

41

20

10

-5

-15

-44

2s/30s bmk curve

110

115

105

100

90

-22

2Y swap spread

16

17

18

20

21

-2

2Y swap spread

21

30

35

40

40

-8

5Y swap spread

13

15

17

18

19

10

5Y swap spread

47

40

40

45

50

18

10Y swap spread

6

9

10

11

11

8

10Y swap spread

19

10

15

20

25

10

30Y swap spread

-13

-2

0

2

4

8

30Y swap spread

-21

-20

-15

-10

0

11

Euro area

Refi rate

0.00

0.00

0.00

0.00

0 25

-

Japan

Policy rate

-0.10

-0.10

-0.10

-0.10

-0.10

-

Depo rate

-0.40

-0.40

-0.40

-0.25

0.00

-

10Y yield target

0.00

0.00

0.00

0.00

0.00

-

3M Euribor

-0 31

-0.32

-0.32

-0.17

0.08

1

2Y bmk yield

-0.16

-0.10

-0.10

-0.05

-0.05

-2

2Y bmk yield

-0.60

-0.50

-0.45

-0.30

-0.15

2

5Y bmk yield

-0.13

-0.05

-0.05

0.00

0.00

-3

5Y bmk yield

-0 30

-0.05

0.05

0.30

0.45

-10

10Y bmk yield

0.05

0.15

0.20

0.20

0 20

0

10Y bmk yield

0 26

0.55

0.65

0.90

1.00

-16

20Y bmk yield

0 56

0.75

0.80

0.85

0 90

-1

30Y bmk yield

0 90

1.20

1.25

1.40

1.45

-34

30Y bmk yield

0.78

0.95

1.00

1.05

1.10

-3

2s/10s bmk curve

86

105

110

120

115

-18

2s/10s bmk curve

21

25

30

25

25

2

10s/30s bmk curve

64

65

60

50

45

-18

10s/30s bmk curve

73

80

80

85

90

-3

2s/30s bmk curve

150

170

170

170

160

-36

2s/30s bmk curve

94

105

110

110

115

-1

2Y swap spread

46

50

48

46

44

1

5Y swap spread

55

52

48

46

46

7

Australia

Cash rate

1 50

1.50

1.50

1.50

1 50

-

10Y swap spread

57

52

48

46

46

15

3Y bmk yield

1 93

2.15

2.25

2.20

2 35

-21

30Y swap spread

53

46

42

42

40

27

10Y bmk yield

2.45

2.80

2.90

2.90

3.00

-19

New Zealand Cash rate

1.75

1.75

1.75

1.75

1.75

-

10Y spread

Austria

31

25

25

20

20

13

3Y bmk yield

1.79

1.90

2.05

2.00

2.05

-19

to Germany

Belgium

50

50

45

40

35

29

10Y bmk yield

2.43

2.80

2.90

2.90

3.00

-37

(curve adj.)

Finland

28

30

25

20

20

12

France

40

40

35

30

30

14

Sweden

Repo rate

-0 50

-0.25

-0.25

0.00

0 25

-

Ireland

67

55

50

45

45

32

2-year govt

-0.44

-0.25

-0.15

0.05

0.15

-2

Italy

285

325

300

240

225

133

10-year govt

0.46

0.85

0.95

1.15

1 20

-29

Netherlands

15

15

15

10

10

4

Portugal

153

150

145

130

115

6

Norway

Depo rate

0.75

1.00

1.00

1.25

1 25

25

Spain

120

120

115

110

100

14

2-year govt

1.14

1.40

1.50

1.70

1 90

27

Wtd. peri. spread

223

243

225

187

174

90

10-year govt

1.74

2.15

2.30

2.60

2.70

18

Nikolaos Panigirtzoglou

John Normand

Global Cross-Asset Strategy

(44-20) 7134-7815

(44-20) 7134-1816

07 December 2018

nikolaos panigirtzoglou@jpmorgan.com john.normand@jpmorgan.com

Marko Kolanovic, PhD

(1-212) 272-1438

marko.kolanovic@jpmorgan.com

FX Forecasts vs. Forwards & Consensus

Exchange rates vs. U.S dollar

Current

JPM forecast gain/loss vs December 19*

Actual change in local FX vs USD

Majors

7-Dec

Mar 19

Jun 19

Sep 19

Dec 19

Spot

Forwards

Consensus**

Past 1mo

Past 3mo

YTD

Past 12mos

EUR

1.14

1.11

1.13

1.16

1.18

3.7%

0.2%

-1.7%

-0.4%

-1.5%

-5.3%

-3.3%

JPY

112.8

116.0

118.0

115.0

112.0

0.7%

-2.7%

-2.7%

0.7%

-1.6%

-0.1%

0.3%

GBP

1.27

1.31

1.33

1.36

1.37

7.8%

5.7%

0.9%

-3.0%

-1.4%

-5.7%

-5.5%

AUD

0.72

0.70

0.69

0.68

0.68

-5.9%

-6.6%

-9.3%

-0.7%

1.7%

-7.4%

-3.8%

CAD

1.33

1.33

1.30

1.28

1.26

5.4%

4.7%

0.0%

-1.3%

-0.9%

-5.5%

-3.2%

NZD

0.69

0.64

0.63

0.62

0.61

-11.2%

-11.8%

-10.3%

1.2%

5.1%

-3.3%

0.6%

JPM USD index

123.1

125.3

125.5

124.7

123.8

0.6%

0.4%

2.9%

0.8%

1.5%

5.7%

4.8%

DXY

96.7

98.3

97.0

94.7

93.1

-3.8%

-0.9%

1.4%

0.8%

1.4%

4.9%

3.1%

Europe, Middle East & Africa

CHF

0.99

1.01

1.00

0.98

0.975

1.9%

-2.0%

0.0%

1.0%

-2.4%

-1.8%

0.2%

ILS

3.74

3.65

3.65

3.60

3.55

5.3%

2.1%

2.5%

-1.8%

-3.9%

-7.0%

-5.9%

SEK

9.03

9.10

8.89

8.66

8.52

6.0%

2.6%

-4.1%

0.0%

0.4%

-9.4%

-6.0%

NOK

8.49

8.51

8.32

8.10

7.97

6.6%

4.9%

-4.0%

-1.7%

-0.5%

-3.5%

-2.1%

CZK

22.73

23.24

22.83

22.24

21.86

4.0%

2.5%

-4.3%

-0.4%

-2.2%

-6.5%

-4.4%

PLN

3.77

3.87

3.81

3.66

3.60

4.6%

3.4%

-1.7%

-0.4%

-0.9%

-7.5%

-5.1%

HUF

284

297

296

293

292

-2.9%

-5.4%

-7.9%

-0.9%

-0.9%

-8.8%

-5.8%

RUB

66.19

68.50

68.00

67.50

67.00

-1.2%

3.8%

0.0%

0.2%

5.6%

-12.9%

-10.6%

TRY

5.29

5.70

6.00

6.50

7.00

-24.5%

-9.9%

-10.3%

1.4%

21.3%

-28.3%

-26.9%

ZAR

14.00

15.00

15.50

16.00

16.50

-15.2%

-11.0%

-17.6%

-0.7%

8.8%

-11.5%

-1.9%

Americas

ARS

37.31

40.00

42.00

44.00

46.00

-18.9%

15.9%

0.0%

-4.4%

-0.9%

-50.1%

-53.7%

BRL

3.87

3.80

4.00

4.10

4.10

-5.5%

-2.6%

-9.5%

-3.5%

4.8%

-14.6%

-15.0%

CLP

674

710

720

745

760

-11.3%

-11.3%

-11.6%

0.3%

-2.7%

-8.7%

-2.7%

COP

3155

3125

3150

3175

3200

-1.4%

0.3%

-5.8%

-0.4%

-2.7%

-5.3%

-4.6%

MXN

20.22

20.25

20.50

20.75

20.75

-2.5%

3.9%

-4.6%

-1.7%

-4.5%

-2.8%

-6.2%

PEN

3.37

3.36

3.38

3.39

3.40

-1.0%

0.5%

-2.9%

-0.1%

-1.3%

-3.9%

-3.9%

VES†

188

10000

50000

100000

500000

na

na

na

-65.6%

-67.3%

na

na

LACI

54.2

53.8

52.3

51.2

50.8

-6.2%

0.7%

-6.6%

-2.2%

0.0%

-13.7%

-14.8%

Asia

CNY

6.87

7.09

7.15

7.19

7.20

-4.5%

-3.7%

-5.0%

0.7%

-0.4%

-5.3%

-3.7%

HKD

7.82

7.83

7.83

7.84

7.84

-0.3%

-0.9%

-0.4%

0.2%

0.4%

0.0%

-0.1%

IDR

14480

15000

15200

15400

15450

-6.3%

-0.8%

-5.0%

0.8%

2.3%

-6.3%

-6.4%

INR

70.81

73.50

74.25

75.00

75.50

-6.2%

-1.5%

-5.6%

3.1%

1.3%

-10.1%

-8.8%

KRW

1120

1145

1155

1145

1130

-0.9%

-2.6%

-0.2%

0.3%

0.3%

-4.4%

-2.3%

MYR

4.17

4.24

4.28

4.27

4.26

-2.2%

-1.7%

-1.4%

-0.1%

-0.5%

-2.9%

-1.9%

PHP

52.71

54.00

54.75

55.00

55.25

-4.6%

-2.2%

-2.3%

0.5%

1.9%

-5.3%

-3.9%

SGD

1.37

1.40

1.41

1.40

1.39

-1.5%

-2.5%

-2.9%

0.2%

0.6%

-2.5%

-1.3%