Standard Chartered has updated its South Korea forecasts after oil prices rose due to Middle East tensions. It now expects 2026 CPI inflation of 2.4%, up from 2.0%, based on oil averaging USD 85 per barrel. The bank lowered its 2026 growth forecast to 1.9% from 2.0%. It linked this to higher import costs, a wider trade deficit, and weaker economic activity in an import-dependent energy economy.

Forecast Implications

The update also noted fiscal support, including a proposed KRW 25tn supplementary budget. For 2027, the bank kept both growth and CPI inflation forecasts at 1.8%. Downside risks for 2027 were described as a longer conflict and oil prices staying higher for longer. The article was produced using an AI tool and reviewed by an editor. With the 2026 inflation forecast now at 2.4%, the market’s expectation for Bank of Korea rate cuts is fading. We should consider positions in Korea Treasury Bond futures that bet on yields remaining elevated or rising further. The Bank of Korea’s more hawkish tone in its recent meeting reinforces this view, making any rate cuts before the third quarter highly unlikely. The forecast hinges on oil averaging $85 a barrel, a level Brent crude is currently trading near. Looking back at the price volatility we saw in the final quarter of 2025, this sustained high price is now being baked into inflation expectations. Long positions in crude oil futures or buying call options could be a direct way to trade this ongoing tension.

Market Positioning

The latest February CPI data already showed a stubborn 2.8% reading, which lends credibility to this new, higher forecast for the year. This persistent inflation will pressure the central bank to delay any easing, even as growth forecasts are trimmed. This divergence between rising inflation and slowing growth creates a challenging environment. This revision of 2026 growth down to 1.9% signals trouble for corporate earnings, especially for South Korea’s energy-intensive manufacturers. This creates an opportunity to short KOSPI 200 index futures or buy put options as a hedge against a potential market downturn. These headwinds from energy costs will likely cap any significant market upside in the coming months. Higher energy import costs are also pressuring South Korea’s trade balance, which will likely weaken the won. We have already seen the USD/KRW pair climb from around 1300 in mid-2025 to its current level near 1380. Buying USD/KRW non-deliverable forwards (NDFs) appears to be a sound strategy to position for further depreciation of the won. Create your live VT Markets account and start trading now.

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ABN AMRO has updated its China outlook after the Iran conflict. It now forecasts GDP growth of 4.6% in 2026 (down from 4.7%) and 4.5% in 2027 (up from 4.4%). Early-2026 data showed firmer activity, led by fixed investment returning to growth in January and February at +1.8% year on year. This followed a -3.8% contraction in 2025, with infrastructure spending supported by local government bond issuance, alongside faster manufacturing investment and a softer decline in property investment.

China Outlook After Iran Conflict

China’s role as the largest energy importer and as a main destination for shipments through the Strait of Hormuz links it to the conflict’s effects. The bank notes mitigating factors such as high oil stocks and access to Russian energy, while pointing to higher downside risks via energy prices and weaker global demand. The bank adjusted its quarterly view to a stronger Q1 and weaker Q2. It also raised CPI forecasts for 2026 and 2027, as higher energy costs are expected to lift inflation and delay further monetary easing. Before the conflict, CPI inflation reached 1.3% year on year in February, a two-year high. Core inflation was 1.8% year on year, a seven-year high, while annual producer price deflation continued to ease. Given the recent events, we see that the Iran conflict has introduced significant uncertainty, directly impacting oil prices and global shipping. We saw Brent crude futures jump to over $100 a barrel earlier this month, a level not consistently seen since 2022, which suggests we should anticipate higher volatility. This makes buying options to protect against sharp market swings a prudent strategy for the coming weeks.

Derivatives Ideas For China Risk

The spike in energy costs is a primary concern, as it feeds directly into inflation and complicates monetary policy. We saw core inflation hit a seven-year high of 1.8% in February, and the People’s Bank of China responded by holding its key policy rate steady in its latest decision. This pause in easing means we should consider using interest rate swaps to position for borrowing costs remaining higher for longer than we expected at the start of the year. While China’s fixed investment data for January and February was strong, showing a 1.8% rise after contracting through much of 2025, the outlook for the second quarter is weaker. The conflict’s impact on global demand will likely hit Chinese exporters, creating a headwind for the broader economy. Therefore, we could look at buying put options on major Chinese equity indices like the HSCEI as a hedge against a potential downturn this spring. There is a clear split between sectors, which presents opportunities for pairs trades. The government’s push in infrastructure spending, which is driving the rebound in investment, supports a bullish view on industrial commodities like copper. In contrast, the property sector continues to struggle, so we could pair a long position in a materials-focused ETF with a short position in a real estate developer. The Chinese yuan faces conflicting pressures, which is ideal for volatility-based currency derivatives. A higher energy import bill is negative for the currency, but delayed interest rate cuts offer support, creating a state of tension. This suggests that using an options strategy like a long straddle on the USD/CNY pair could be effective, as it would profit from a significant price move in either direction without needing to predict which force will win out. Create your live VT Markets account and start trading now.

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Intel reached a weekly topping tail high at $54.60, then fell about 18% to around $44.57–$44.63. The price is now below an inclining trendline that has shaped the recent consolidation. A weekly topping tail marks a week where price rose but closed much lower, showing selling pressure by the end of the week. This pattern is often linked with further downside before price can challenge the high again. The key level now is the inclining trendline, which has acted as both support and resistance. A weekly close above it would put the $54.60 level back in focus. If price holds above the trendline, resistance levels cited are $54.60, then $57.61, and then $62.70. If price breaks down through the trendline, support levels cited are $40.49 and then $36.13. Intel Corporation (NASDAQ: INTC) designs and makes microprocessors, chipsets, and integrated circuits used in PCs, data centres, and connected devices. The setup remains dependent on weekly closes rather than short-term moves. We see Intel stock currently pinned beneath a critical inclining trendline, struggling around the $44.57 level after the sharp 18% rejection from its late 2025 high. Recent industry reports published this quarter show a continued weakness in enterprise PC demand, providing a fundamental reason for the stock’s current hesitation. This technical and fundamental picture presents a clear decision point for us. For those of us leaning bearish, the strategy is to view this trendline as a ceiling. Buying near-term put options, like those for the April or May 2026 expiration with strike prices around $42.50 or $40.00, would directly profit from a failure at this level. This aligns with the scenario where the stock moves toward its first major support target at $40.49. This cautious stance is justified when we recall the multi-year production delays Intel faced with its 10nm process earlier this decade, which created significant stock underperformance. While the company’s execution has improved, the semiconductor industry remains fiercely competitive, with AMD reportedly gaining share in the high-margin server market in the fourth quarter of 2025. Current implied volatility is not at extreme highs, suggesting protective puts can be bought without overpaying. Conversely, a sustained break above this inclining trendline on a weekly closing basis would signal that the bearish pressure is fading. This would be our trigger to initiate bullish positions, such as buying call options dated for June or July to allow time for a potential retest of the $54.60 high. The 18% pullback has built up energy, and a breakout could be powerful. This more optimistic view is supported by recent news of Intel’s foundry business landing a significant client for its advanced 18A process node, boosting confidence in its long-term turnaround. Furthermore, analyst earnings estimates for the second half of 2026 have remained stable over the past month, suggesting Wall Street believes the company can meet its targets. A move back into the upper part of the consolidation range would reflect this budding optimism. Given the stock is at such a clear crossroads, using options spreads is a sensible approach to manage risk. A bull call spread or a bear put spread allows us to make a directional bet while defining our maximum loss. This is especially useful if Intel simply continues to chop sideways around the trendline without a decisive break in the coming weeks.

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Banco de Mexico (Banxico) cut its main interest rate to 6.75% from 7% on Thursday. The decision was by a 3–2 vote, with Deputy Governors Jonathan Heath and Galia Borja voting to keep rates unchanged. Banxico said inflation risks are trending upwards despite the rate cut. It expects inflation to return to its 3% target, with a plus or minus 1% range, in Q2 2027, and it will assess further reference rate changes.

Inflation Outlook And Policy Stance

The bank said its current monetary policy stance is adequate to face risks linked to an extension and escalation of the Middle Eastern conflict. It kept its 2026 headline inflation forecast unchanged at 3.5%. Banxico projected underlying inflation at 3.4% by the end of 2026. It also expects both headline and underlying inflation to reach 3% by the end of 2027. Banxico is Mexico’s central bank, tasked with preserving the value of the Mexican peso (MXN) and setting monetary policy. Its main tool is the interest rate, with higher rates usually supporting the peso and lower rates often weakening it. Banxico meets eight times a year, usually a week after the US Federal Reserve. Its decisions are influenced by Fed policy and the interest rate gap with the US.

Market Implications For The Peso

The unexpected rate cut to 6.75% introduces significant uncertainty for the peso, challenging the profitable carry trade strategy we have relied upon. While the move is bearish for the currency, the interest rate spread with the US Federal Reserve, which sits at 4.25%, remains attractive at 250 basis points. This differential may provide a floor for the peso in the near term. The split 3-2 vote signals a divided central bank, meaning the path for future cuts is not guaranteed. This division suggests that implied volatility in USD/MXN options will likely rise in the coming weeks. We should therefore consider strategies like long straddles to capitalize on potential sharp price swings in either direction. We must now pay extremely close attention to incoming inflation data before the next meeting. The most recent report for February 2026 showed headline inflation was still sticky at 4.1%, well above the central bank’s year-end 3.5% projection. Another high reading could easily cause the two dissenting members to persuade another to pause the cutting cycle. This contrasts sharply with the environment in 2025, when we saw Banxico’s high rates attract significant capital while the Fed began its own easing. Yesterday’s cut, despite inflation risks, is the first clear signal that the peak of the carry trade may be behind us. Therefore, hedging long peso exposure with put options on the currency is now a prudent consideration. Create your live VT Markets account and start trading now.

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The US Dollar Index rose about 0.30% on Thursday, moving from around 99.56 to near 99.90, as demand for the Dollar continued for a third day. The index has gained more than three points from its February low near 96.00 and is close to 100.00 after pulling back from mid-March highs near 101.00. Iran rejected Washington’s 15-point ceasefire plan on Tuesday and issued five counter-demands, including war reparations and sovereignty over the Strait of Hormuz. The Strait remains closed to Western-allied vessels, and shipping analysts do not expect routine commercial transit to resume before year-end.

Dollar Demand Strengthens

Japan started releasing 30 days of state oil reserves on Thursday, and the Philippines declared a national emergency over energy supply. President Trump said on Thursday he was unsure about a Friday deadline to reopen the Strait, and said taking over Iran’s crude oil supply remains “an option”. The Fed held rates at 3.50% to 3.75% in March, with the dot plot still pointing to one cut this year. Powell called the conflict an “energy shock”, while Michael Barr said rates may need to stay high; markets have largely priced out near-term cuts. On charts, price was 99.92–99.93; support levels include 99.90, 99.76, 99.70, and 99.50–99.00, then 98.50, with resistance at 99.96, 100.00, 100.50, and 101.00. The current environment strongly favors the US Dollar, making it the primary safe-haven asset for the coming weeks. The combination of geopolitical risk from the Iran situation and a hawkish Federal Reserve creates a powerful tailwind for the greenback. We should position for the DXY to test and potentially break the critical 100.00 psychological level.

Risks And Positioning

The conflict in the Strait of Hormuz is acting as a significant energy shock, keeping risk aversion high. With Brent crude futures holding above $120 a barrel, this situation is reminiscent of the market turmoil we saw back in 2022 following the invasion of Ukraine. As long as the Strait remains closed, demand for the dollar as a haven will persist. The Federal Reserve’s stance reinforces this dollar strength, giving it a distinct yield advantage over other major currencies. The latest Consumer Price Index reading came in at 4.1%, well above the Fed’s target, justifying the decision to hold rates firm at 3.75%. This contrasts sharply with the European Central Bank, which we saw hesitate to act during the energy price spikes of 2025, leading to euro weakness. For derivative traders, this suggests maintaining a long dollar bias against currencies like the euro and yen. We see this reflected in the options market, where open interest in call options for the June DXY futures contract has surged, particularly around the 101.00 strike. Bull call spreads could be an effective way to play for further upside while defining risk. However, we must be mindful that the rally is showing signs of fading momentum. The daily chart indicates the move is getting stretched, so a sudden pullback is possible if tensions with Iran ease unexpectedly. Buying some cheap, out-of-the-money put options on the DXY or the UUP ETF for the coming month could provide a cost-effective hedge against a sharp reversal. The pressure on energy-importing economies like Japan and the Eurozone will likely keep their currencies weak against the dollar. We should expect pairs like EUR/USD to retest their lows from late 2025 if the DXY successfully breaks above 100.50. Risk reversals in EUR/USD continue to show a strong bias for puts, indicating traders are positioned for more downside. Create your live VT Markets account and start trading now.

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Mexico’s central bank, Banxico, set its interest rate at 6.75%. This was below the expected level of 7%. The decision indicates a lower benchmark rate than forecasts had suggested. The gap between expectation and outcome was 0.25 percentage points.

Banxico Signals Dovish Pivot

Banxico’s surprise 25 basis point cut, deeper than the market expected, signals a clear dovish pivot to support a slowing economy. After inflation showed signs of cooling from its 2025 highs to a more manageable 3.9% last month, the central bank is now prioritizing growth. We see this as the start of a more aggressive easing cycle than what was priced in. This policy divergence from a still-cautious U.S. Federal Reserve should put sustained pressure on the Mexican Peso. The MXN’s strength, a major story through much of 2025, is now vulnerable as the attractive yield differential narrows. We are positioning for a weaker peso by buying USD/MXN call options targeting a move towards the 18.20 level in the coming weeks. For equity derivatives, lower financing costs are a clear positive for the Mexican IPC stock index. Companies that struggled with high interest rates over the last year now have a clearer path to margin expansion. We are looking at buying call spreads on the iShares MSCI Mexico ETF (EWW) to capture this expected upside through the second quarter. The unexpected nature of this cut has caused a spike in short-term implied volatility, which has jumped nearly 12% in the last 24 hours. This makes selling volatility through strategies like short strangles on the peso attractive for those who believe the initial shock will subside into a steady depreciation. This is a contrast to the low-volatility environment we saw at the end of last year.

TIIE Curve Prices Further Easing

Looking at the interest rate markets, the TIIE swap curve is now pricing in a much lower terminal rate for the end of 2026. This confirms the market’s belief that Banxico will continue cutting rates aggressively. We believe there is still value in entering new positions that bet on further declines in Mexican forward rates. Create your live VT Markets account and start trading now.

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USD/PHP rose 0.3% to 60.10 after President Ferdinand Marcos Jr. declared a national state of emergency in response to rising energy prices. The Philippine peso is down 2.1% against the US dollar so far in 2026. The emergency order expands executive powers to secure fuel supplies and speed up measures aimed at limiting higher energy costs for consumers and businesses. A national emergency was last declared in 2020 during the COVID-19 pandemic.

Emergency Order Duration And Procurement Plan

The order is set to last one year unless the President extends or suspends it. A committee will be formed to directly procure energy commodities, food, medicine, and other necessities. The Department of Energy has been instructed to tighten oversight of energy prices and target profiteering. The Department of Transport will subsidise fuel and commuter fares, suspend aviation taxes, and extend public transport operating hours. The government has also temporarily introduced a four-day work week to reduce energy use. Authorities indicated less likelihood of using foreign exchange reserves to defend the peso, after describing such action as “futile”. The recent declaration of a state of emergency signals a major policy shift for the Philippine Peso. With authorities now viewing the defence of the currency as “futile,” the primary support for the peso has been removed. We should anticipate that the path of least resistance for USD/PHP is upward in the coming weeks.

Market Implications For The Philippine Peso

This shift comes as the nation’s gross international reserves have already been under pressure, dipping to around $98 billion last month from over $100 billion at the end of 2025. The new emergency powers, which include subsidies and direct commodity procurement, will likely widen the government’s budget deficit beyond the initially projected 5.5% of GDP. This added fiscal strain creates a fundamental headwind for the currency. Given the reduced risk of central bank intervention, we should consider buying USD call options against the PHP. This strategy allows us to position for further peso weakness with a defined risk, targeting a potential move above the 60.50 level. The current environment makes long USD positions more straightforward than they were just a week ago. Looking back to the state of emergency declared in 2020, we saw a similar, sharp increase in currency volatility. We expect implied volatility on USD/PHP options to climb as the market digests the full impact of these new measures. This presents an opportunity not just for directional bets, but also for strategies that benefit from rising market uncertainty. Create your live VT Markets account and start trading now.

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The US Dollar Index (DXY) rose to about 99.90 and then held steady. Demand for the US Dollar as a safe haven, Middle East tensions involving Iran, and interest rate differences supported the move. US President Donald Trump said the rise in Oil prices and the fall in the stock market linked to Iran tensions were less severe than expected. He said he expected any economic damage to be reversed.

Euro And Pound Weaken

EUR/USD slipped towards 1.1530 after weak Eurozone PMI data and ongoing growth concerns. GBP/USD fell to around 1.3320 as UK growth worries and a firmer US Dollar weighed on the pair. USD/JPY climbed to near 159.80, supported by higher US Treasury yields and policy divergence. Geopolitical risks also supported the Yen at times, limiting the rise. AUD/USD dropped towards a two-month low near 0.6890 due to risk aversion and a firm US Dollar. WTI Oil traded near $94.30 per barrel as Iran-related uncertainty kept a risk premium in prices. Gold fell towards $4,380 as the stronger US Dollar outweighed safe-haven demand. Data due on Friday, March 27 includes UK March Consumer Confidence, UK February Retail Sales, Eurozone March HICP (preliminary), and US March Michigan Consumer Sentiment and Inflation Expectations.

Looking Back To 2025

Looking back to this time in 2025, we remember a market driven by a flight to safety amid tensions in the Middle East. The US Dollar Index was approaching 100 as traders sought refuge in the greenback. This environment punished risk-sensitive currencies and benefited the dollar due to its safe-haven status. That geopolitical risk premium has since faded from the market, which can be seen in energy prices. West Texas Intermediate oil, which traded over $94 a barrel during the 2025 scare, is now trading calmly around $81 as of late March 2026. This suggests derivative plays based on sudden supply shocks are less favorable, and focus should shift to global demand fundamentals. The US Dollar remains strong, with the DXY holding near 103, but the dynamic has changed from safety to interest rate differentials. Last month’s US inflation data, the Consumer Price Index for February 2026, came in at 2.9%, keeping the Federal Reserve cautious about cutting rates. Traders should be pricing options based on a “higher for longer” interest rate scenario rather than last year’s geopolitical panic. A significant shift occurred in the USD/JPY pair, which we saw push toward 160 last year. The Bank of Japan finally ended its negative interest rate policy in early 2026, creating a fundamental change that has capped the yen’s weakness. The pair has since pulled back toward the 151 level, and volatility strategies should now account for a more active Japanese central bank. The Australian Dollar was near a two-month low around 0.6890 this time in 2025 due to broad risk aversion. While it has recovered from those specific lows, it remains under pressure around 0.65 due to persistent concerns over Chinese economic data. We see that trades should be less about global fear and more focused on the specific health of the Asian economy. Gold failed to rally during the 2025 tensions because of the extremely strong dollar, and we noted it fell toward $4,380. Now, with the dollar off its peak and markets anticipating eventual rate cuts, Gold has found support and is currently trading near $4,550. This suggests that call options on gold may be more attractive now than they were during last year’s crisis. Create your live VT Markets account and start trading now.

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EUR/USD fell for a third day on Thursday, trading near 1.1529 and down about 0.26%. The US Dollar stayed supported amid tensions linked to the US-Israel war with Iran. Iran rejected a US 15-point proposal and said any deal must include security guarantees and recognition of its authority over the Strait of Hormuz. The Strait of Hormuz remains effectively closed, adding a risk premium to Oil prices.

Oil Inflation And Rate Expectations

Higher Oil prices are adding to global inflation concerns and may keep interest rates higher for longer. Markets expect the Federal Reserve to hold rates through 2026, with inflation still above its 2% target. The Fed faces downside risks in the labour market while keeping policy restrictive. It is expected to stay data-dependent and watch for weakening employment before making changes. In the Eurozone, inflation is near the 2% target, but higher energy costs may hurt growth and household spending. Market pricing now fully reflects two ECB rate hikes, with April increasingly seen as the first move. Eurozone data has softened this week, with Germany’s GfK Consumer Confidence for April at -28 and the Ifo Business Climate index at 86.4, a 13-month low. PMI data also showed slower business activity.

Trade Strategy And Volatility

Given the sustained strength of the US dollar from geopolitical tensions, the clear trend for us is to favor positions that benefit from a weaker Euro. We should consider strategies that capitalize on further declines in the EUR/USD pair, such as buying put options or shorting futures contracts. The current breakdown below the 1.1550 support level signals that more downside is likely in the coming weeks. This environment of conflict and central bank uncertainty is a recipe for high volatility. We see implied volatility on EUR/USD one-month options has already jumped to over 12%, a sharp increase from the calmer conditions we saw at the end of 2025. This suggests that options strategies designed to profit from large price swings, such as straddles, could be effective, especially around the upcoming April ECB meeting. The widening policy gap between a Federal Reserve on hold and a European Central Bank forced to consider rate hikes is the central theme. With the latest US Core PCE inflation data for February coming in at a stubborn 2.9%, the Fed has no room to ease policy. This policy divergence should continue to weigh heavily on the Euro, making a stronger dollar the path of least resistance. The root cause of this pressure remains the oil markets, where the ongoing closure of the Strait of Hormuz is creating a severe supply shock. We have seen West Texas Intermediate crude prices surge past $125 per barrel, levels that echo the energy crisis of 2022. A direct trade on this driver would be buying call options on oil futures to benefit from further price increases. The economic data from the Eurozone reinforces a bearish view on the single currency. Germany’s recent Ifo Business Climate index falling to a 13-month low of 86.4 shows the economy was already fragile before this energy price shock. The ECB now faces hiking rates into a potential slowdown, which could accelerate economic weakness and add more downward pressure on the Euro. Create your live VT Markets account and start trading now.

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MUFG is maintaining a defensive approach to Asian foreign exchange as the US-Iran conflict continues to add external pressure. Higher US yields and higher oil prices are supporting the US dollar and weighing on Asian currencies. Several Asian currencies have fallen to fresh lows versus the US dollar since the conflict began. THB is down 4.8%, while PHP and KRW are each down 4.1%.

Oil Driven Pressure On Asian Fx

MUFG links the weakness to sensitivity in oil-importing Asian economies to energy costs and risk sentiment. It says broader stability in the region’s currencies would depend on geopolitical de-escalation and lower oil prices or lower US yields. The bank notes rising inflation risks across Asia due to energy prices and possible second-round effects on transport and food costs. It points to high food CPI weights of more than 30% in Thailand, India, Vietnam, and the Philippines. MUFG adds that signs such as a reopening of the Straits of Hormuz or a clearer route towards ending the conflict could prompt a reassessment. It also notes that resilience in CNY is helping to steady the region. We maintain a defensive outlook on Asian currencies because of the ongoing uncertainty from the US-Iran conflict. The situation is keeping external pressures high, supporting the U.S. dollar. This environment makes it prudent to hedge against further weakness in oil-importing Asian economies.

Trading Positioning And Hedges

The impact is clear in the energy and bond markets, with Brent crude futures holding firm near $115 per barrel, according to recent EIA reports. This has helped push the U.S. 10-year Treasury yield to 4.85%, as inflation concerns keep the Federal Reserve from signaling any rate cuts. A strong dollar is the natural result of these higher yields and safe-haven demand. Currencies highly sensitive to oil prices have been hit hard since the conflict escalated in late 2025. The Korean Won is trading near 1450 against the dollar, a level not seen consistently since the 2008 financial crisis. Similarly, the Thai Baht and Philippine Peso are down over 4% since the year began, reflecting their vulnerability. For traders, this suggests positioning for continued strength in the U.S. dollar against these currencies. Buying USD call options against a basket of KRW, THB, and PHP offers a way to profit from further downside with a defined risk. This strategy aligns with the view that external pressures will remain the dominant driver in the coming weeks. Inflation data from the region confirms these risks, with the latest Philippine Statistics Authority report showing March inflation accelerating to 5.2% year-over-year. This price pressure, driven by energy and food costs, limits the ability of Asian central banks to support their economies with monetary easing. This creates a difficult backdrop for their respective currencies. Given the elevated tension around the Strait of Hormuz, maintaining long positions in oil derivatives is a logical hedge. Call options on WTI or Brent can provide upside exposure if energy flows are further disrupted. The pattern of energy shocks leading to global economic slowdowns, similar to what we saw in the 1970s, is a historical risk worth considering. The Chinese Yuan remains a relative anchor of stability in the region. One potential strategy is a pair trade, such as going long the offshore Yuan (CNH) against the Korean Won (KRW). This position isolates the Yuan’s managed resilience from the Won’s greater sensitivity to global risk sentiment and energy prices. We will continue to monitor any signs of credible de-escalation, as this would be the primary catalyst to change our defensive stance. Until there is a clear normalization of energy transit or a diplomatic breakthrough, the path of least resistance for these vulnerable Asian currencies is likely lower. Create your live VT Markets account and start trading now.

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