Goldman Sachs: Buy ringgit, peso & rupiah (not yen)
Goldman Sachs has advised investors they’d be better off buying a basket of Southeast Asian currencies than yen, suggesting these economies were less at risk of “contagion” from the European debt crisis.
The bank drew specific attention to the Malaysian ringgit, Philippines peso and Indonesian rupiah, all of which have risen between 2.2% and 7.1% against the yen this year. The announcement was based on the region’s “strong growth, solid external balances and declining risk aversion.”
The yen fell against all 10 major Asian currencies yesterday following the European Union’s announcement of a financial aid package worth up to 750 billion euros (US$962bn) and involving a temporary dollar swap between the central banks of Europe, the US and Japan.
source & article: Bloomberg
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